Problem 4The shareholders' equity of Malaysia's December 31, 2022, statement of financial position follows:P 360,000Ordinary share capital, P2 parShare premium-ordinaryShare premium-treasuryRetained earnings3,640,00045,000649,378Treasury shares (2,420 shares)(145,200)The following transactions occurred in 2023:January 15Malaysia reissued 1,300 treasury shares for P40 per share. The 2,420 treasury shareson hand at December 31, 2022, were purchased in one block in 2021.February 1Sold 180, P1,000, 9% bonds due February 1, 2023, at P185,400 with one detachableshare warrant attached to each bond. The fair value of the bonds without the warrantsis P171,000. The detachable warrants have a fair value of P50 each and expire onFebruary 1, 2024. Each warrant entitles the holder to purchase 10 ordinary shares atP40 per share.March 62,800 ordinary shares were subscribed at P44 per share. 40% of the subscription wascollected immediately.March 20 The balance due on 2,400 shares was received and those shares were issued.November 1 110 share warrants were exercised.Malaysia's net income for 2023 was P950,000.Based on the preceding information, determine the correct December 31, 2023, balance of each of thefollowing:1. Ordinary share capital2. Share premium-ordinary3. Share premium-treasury4. Total retained earnings5. Treasury shares6. Total stockholders' equity

Requirement: Shareholder's equity includes share capital and reserve and surplus. In the given…

Ordinary share capital, P2 par Share premium-ordinary Share premium-treasury Retained earnings Treasury shares (2.420 shares) ollowing transactions occurred in 2023: P 360.000 3,640,000 45,000 649,378 (145,200)

Ordinary share capital, P2 par Share premium-ordinary Share premium-treasury Retained earnings Treasury shares (2.420 shares) ollowing transactions occurred in 2023: P 360.000 3,640,000 45,000 649,378 (145,200)

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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Question

Problem 4
The shareholders' equity of Malaysia's December 31, 2022, statement of financial position follows:
P 360,000
Ordinary share capital, P2 par
Share premium-ordinary
Share premium-treasury
Retained earnings
3,640,000
45,000
649,378
Treasury shares (2,420 shares)
(145,200)
The following transactions occurred in 2023:
January 15
Malaysia reissued 1,300 treasury shares for P40 per share. The 2,420 treasury shares
on hand at December 31, 2022, were purchased in one block in 2021.
February 1
Sold 180, P1,000, 9% bonds due February 1, 2023, at P185,400 with one detachable
share warrant attached to each bond. The fair value of the bonds without the warrants
is P171,000. The detachable warrants have a fair value of P50 each and expire on
February 1, 2024. Each warrant entitles the holder to purchase 10 ordinary shares at
P40 per share.
March 6
2,800 ordinary shares were subscribed at P44 per share. 40% of the subscription was
collected immediately.
March 20 The balance due on 2,400 shares was received and those shares were issued.
November 1 110 share warrants were exercised.
Malaysia's net income for 2023 was P950,000.
Based on the preceding information, determine the correct December 31, 2023, balance of each of the
following:
1. Ordinary share capital
2. Share premium-ordinary
3. Share premium-treasury
4. Total retained earnings
5. Treasury shares
6. Total stockholders' equity

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