The adjusted trial balance of One Incorporated showed the following at year end: Debit Credit Accounts Payable 1,960,000 Accounts Receivable 1,280,000 Accrued Interest - Note A 30,000 Accrued Interest - Note X 200,000 Accrued Interest - Note Y 50,000 Accrued Interest- Note B 24,000 Accumulated Depreciation - Factory Building 325,000 Accumulated Depreciation- Admin. Building 200,000 Accumulated Depreciation of Machinery and Equipment 270,000 Administrative Building 1,000,000 Advances to Customers 148,000 Advances to Suppliers 149,000 Allowance for Doubtful Accounts 58,000 Bonds Payable 2,000,000 Cash 540,000 Cash fund for acquisition of Building 1,500,000 Deferred Tax Liability 115,000 Disposal Group held for sale net of liabilities of 400,000 3,700,000 Equipment Held for Sale 1,120,000 Factory Building 1,500,000 Factory Supplies 270,000 Finished Goods Inventory 350,000 Franchise 580,000 Income Taxes Payable 220,000 Land held as future plant site 1,200,000 Machinery and Equipment 900,000 Notes Payable – Note X 1,250,000 Notes Payable – Note Y 2,500,000 Notes Receivable – Note A 600,000 Notes Receivable – Note B 700,000 Ordinary Share Capital, 5 par 3,500,000 Preference share capital, 10%, 1,000 par 1,800,000 Prepaid expenses 85,000 Raw Materials Inventory 440,000 Retained Earnings-Appropriated 640,000 Retained Earnings-Unappropriated 999,000 Share Premium 1,650,000 Sinking Fund for Bond Retirement 500,000 Trading securities 450,000 Treasury Shares 482,000 Unearned Rent Income 186,000 Work in process Inventory 375,000 Total 17,923,000 17,923,000 Additional Information: - The note payable to X is due next year while the note payable to Y is payable after three years - The note from A is due in three months while the note from B is due after 15 more months - The bonds payable will mature after 5 more years - The treasury shares represents ordinary shares acquired at 20 per share how much is the Retained earnings appropriated for Treasury Shares
The adjusted
Debit |
Credit |
|
Accounts Payable |
1,960,000 |
|
|
1,280,000 |
|
Accrued Interest - Note A |
30,000 |
|
Accrued Interest - Note X |
200,000 |
|
Accrued Interest - Note Y |
50,000 |
|
Accrued Interest- Note B |
24,000 |
|
|
325,000 |
|
Accumulated Depreciation- Admin. Building |
200,000 |
|
Accumulated Depreciation of Machinery and Equipment |
270,000 |
|
Administrative Building |
1,000,000 |
|
Advances to Customers |
148,000 |
|
Advances to Suppliers |
149,000 |
|
Allowance for Doubtful Accounts |
58,000 |
|
Bonds Payable |
2,000,000 |
|
Cash |
540,000 |
|
Cash fund for acquisition of Building |
1,500,000 |
|
|
115,000 |
|
Disposal Group held for sale net of liabilities of 400,000 |
3,700,000 |
|
Equipment Held for Sale |
1,120,000 |
|
Factory Building |
1,500,000 |
|
Factory Supplies |
270,000 |
|
Finished Goods Inventory |
350,000 |
|
Franchise |
580,000 |
|
Income Taxes Payable |
220,000 |
|
Land held as future plant site |
1,200,000 |
|
Machinery and Equipment |
900,000 |
|
Notes Payable – Note X |
1,250,000 |
|
Notes Payable – Note Y |
2,500,000 |
|
Notes Receivable – Note A |
600,000 |
|
Notes Receivable – Note B |
700,000 |
|
Ordinary Share Capital, 5 par |
3,500,000 |
|
|
1,800,000 |
|
Prepaid expenses |
85,000 |
|
Raw Materials Inventory |
440,000 |
|
|
640,000 |
|
Retained Earnings-Unappropriated |
999,000 |
|
Share Premium |
1,650,000 |
|
Sinking Fund for Bond Retirement |
500,000 |
|
Trading securities |
450,000 |
|
Treasury Shares |
482,000 |
|
Unearned Rent Income |
186,000 |
|
Work in process Inventory |
375,000 |
|
Total |
17,923,000 |
17,923,000 |
Additional Information:
- The note payable to X is due next year while the note payable to Y is payable after three years
- The note from A is due in three months while the note from B is due after 15 more months
- The bonds payable will mature after 5 more years
- The treasury shares represents ordinary shares acquired at 20 per share
how much is the Retained earnings appropriated for Treasury Shares
Step by step
Solved in 2 steps