On December 31, 2018, an entity reported the following equity items: 8% cumulative preference shares (150,000 issued, P20 par) Ordinary share capital (2,000,000 issued, PS par) Share premium- preference Share premium - ordinary Retained earnings 3,000,000 10,000,000 200,000 27,000,000 4,500,000 The following transactions affected equity during 2019: Jan. 1 Apr. 1 June 1 30,000 preference shares issued at P22 per share 50,000 ordinary shares issued atP20 per share 2-for-1 share split on the ordinary shares 30,000 ordinary treasury shares were reacquired at P10 per share 10,000 treasury shares were reissued at P11 per share Net income for the year is P9,000,000. The latest preference dividend was paid during July 1 Oct. 1 Dec. 31 2017.

On December 31, 2018, an entity reported the following equity items: 8% cumulative preference shares (150,000 issued, P20 par) Ordinary share capital (2,000,000 issued, PS par) Share premium- preference Share premium - ordinary Retained earnings 3,000,000 10,000,000 200,000 27,000,000 4,500,000 The following transactions affected equity during 2019: Jan. 1 Apr. 1 June 1 30,000 preference shares issued at P22 per share 50,000 ordinary shares issued atP20 per share 2-for-1 share split on the ordinary shares 30,000 ordinary treasury shares were reacquired at P10 per share 10,000 treasury shares were reissued at P11 per share Net income for the year is P9,000,000. The latest preference dividend was paid during July 1 Oct. 1 Dec. 31 2017.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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