Prepare the Statement of Shareholders’ Equity for ABC CORPORATION for the year ended December 31, 2020, using the following information: January 1, 2020 balances § 15% Preference Share Capital, P100 par value, authorized 25,000 shares, 6,000 shares issued, of which 250 shares are in treasury P600,000 § Ordinary Share Capital, P50 par value, authorized 40,000 shares, 9,000 shares issued 450,000 § Reserves 45,000 § Accumulated profits (includes appropriation for cost treasury shares, P25,500) 400,000 Summary of transactions during the year: § Appropriated for Plant Expansion P 90,000 § Appropriated for Treasury Shares 56,680 § Cash Dividend Declared 200,000 § Issued 15% Preference Share Capital 280,000 § Issued Ordinary Share Capital 230,000 § Net Income for the period 450,000 § Share premium-Donated Shares 5,250 § Share premium – Ordinary 7,000 § Share premium – Preference 5,250 § Share Dividend to be Issued – Ordinary 25,000 § Share Dividend to be Issued – Preference 72,500 § Subscribed Preference share capital 65,000 § Subscribed Ordinary Share Capital 70,000 § Share premium -Preference Share Dividend 5,800 § Share premium -Ordinary Share Dividend 3,250 § Subscription Receivable – Ordinary 22,400 § Subscription receivable – Preference 60,000 § Treasury Shares: Purchase of Preference shares – 600 shares at P104/share 62,400 Sale of Preference shares – 305 shares 30,500

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 84PSA: Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following...

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Question

Prepare the Statement of Shareholders’ Equity for ABC CORPORATION for the year ended December 31, 2020, using the following information:

January 1, 2020 balances
§ 15% Preference Share Capital, P100 par value, authorized 25,000 shares, 6,000 shares issued, of which 250 shares are in treasury	P600,000
§ Ordinary Share Capital, P50 par value, authorized 40,000 shares, 9,000 shares issued	450,000
§ Reserves	45,000
§ Accumulated profits (includes appropriation for cost treasury shares, P25,500)	400,000

Summary of transactions during the year:
§ Appropriated for Plant Expansion	P 90,000
§ Appropriated for Treasury Shares	56,680
§ Cash Dividend Declared	200,000
§ Issued 15% Preference Share Capital	280,000
§ Issued Ordinary Share Capital	230,000
§ Net Income for the period	450,000
§ Share premium-Donated Shares	5,250
§ Share premium – Ordinary	7,000
§ Share premium – Preference	5,250
§ Share Dividend to be Issued – Ordinary	25,000
§ Share Dividend to be Issued – Preference	72,500
§ Subscribed Preference share capital	65,000
§ Subscribed Ordinary Share Capital	70,000
§ Share premium -Preference Share Dividend	5,800
§ Share premium -Ordinary Share Dividend	3,250
§ Subscription Receivable – Ordinary	22,400
§ Subscription receivable – Preference	60,000
§ Treasury Shares:
Purchase of Preference shares – 600 shares at P104/share	62,400
Sale of Preference shares – 305 shares	30,500