On January 1, 2007, Part Corporation had issued and outstanding 10,000 shares of P10 par common stock and retained earnings of P1,000,000. During the year, the following stockholders' equity transactions were recorded: March 1: A stock dividend of 1,000 shares was declared when the market price was P26 per share. The dividend was distributed on April 1, 2007. A 40% stock dividend was declared when the market price was P45 per share. The dividend was distributed on July 15, 2007. Part suffered a net loss of P12,000 in 2007, paid no cash dividends, and made no additional issues of stock for cash. What is the balance in the retained earnings account in Part on July 1: December 31 2007?

On January 1, 2007, Part Corporation had issued and outstanding 10,000 shares of P10 par common stock and retained earnings of P1,000,000. During the year, the following stockholders' equity transactions were recorded: March 1: A stock dividend of 1,000 shares was declared when the market price was P26 per share. The dividend was distributed on April 1, 2007. A 40% stock dividend was declared when the market price was P45 per share. The dividend was distributed on July 15, 2007. Part suffered a net loss of P12,000 in 2007, paid no cash dividends, and made no additional issues of stock for cash. What is the balance in the retained earnings account in Part on July 1: December 31 2007?

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Description: What is the balance in the retained earnings account in Part on December 31, 2007? On January 1, 2007, Part Corporation had issued and outstanding 10,000 shares of P10 parcommon stock and retained earnings of P1,000,000. During the year, the followin

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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