Presented below is the equity section of Coca-Cola Corporation at December 31, 2022: Share capital-ordinary, par value P20; authorized 75,000 shares;issued and outstanding 45,000 shares, P900,000 Share premium-ordinary, P250,000 Retained earnings, P500.000 Total SHE, P1,650,000 During 2022, the following transactions occurred relating to equity: 3,000 shares were reacquired at P28 per share. 3,000 shares were reacquired at P35 per share. 1,800 shares of treasury shares were sold at P30 per share. For the year ended December 31, 2022, Coca-cola reported net income of P450,000. Assuming Coca-cola accounts for treasury under the cost method, what should it report as total equity on its December 31, 2022, statement of financial position?
Presented below is the equity section of Coca-Cola Corporation at December 31, 2022:
Share capital-ordinary, par value P20; authorized 75,000 shares;issued and outstanding 45,000 shares, P900,000
Share premium-ordinary, P250,000
Retained earnings, P500.000
Total SHE, P1,650,000
During 2022, the following transactions occurred relating to equity:
3,000 shares were reacquired at P28 per share.
3,000 shares were reacquired at P35 per share.
1,800 shares of treasury shares were sold at P30 per share.
For the year ended December 31, 2022, Coca-cola reported net income of P450,000. Assuming Coca-cola accounts for treasury under the cost method, what should it report as total equity on its December 31, 2022,
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