On January 1, Emblem Company showed total assets of P5,000,000, total liabilities of P2,000,000 and contributed capital of P2,000,000. During the current year, Emblem issued share capital of P500,000 par value at a premium of P300,000, and recognized revaluation surplus of P300,000. Dividend of P250,000 was paid on December 31. On December 31, total assets amounted to P7,500,000 and total liabilities amounted to P3,200,000. What is the amount of net income or loss during the year?
On January 1, Emblem Company showed total assets of P5,000,000, total liabilities of P2,000,000 and contributed capital of P2,000,000. During the current year, Emblem issued share capital of P500,000 par value at a premium of P300,000, and recognized revaluation surplus of P300,000. Dividend of P250,000 was paid on December 31. On December 31, total assets amounted to P7,500,000 and total liabilities amounted to P3,200,000. What is the amount of net income or loss during the year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, Emblem Company showed total assets of P5,000,000, total liabilities of P2,000,000 and contributed capital of P2,000,000. During the current year, Emblem issued share capital of P500,000 par value at a premium of P300,000, and recognized revaluation surplus of P300,000. Dividend of P250,000 was paid on December 31. On December 31, total assets amounted to P7,500,000 and total liabilities amounted to P3,200,000. What is the amount of net income or loss during the year?
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