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The corporate charter of Diana Company authorizes the issuance of 500,000 ordinary shares with a P10 par value, and 100,000 non cumulative, non participating preference shares of P50 par value. On January 1, 2023, 300,000 ordinary shares are issued for cash at P100 per share. also on same date, all 100,000 preference shares are issued at P200 per share.   On June 30, 2023, the entity reacquired 20,000 ordinary shares at P120 per share. On July 31, 2023, 5,000 treasury shares are reissued at P150 per share. On September 30, 2023, 5,000 treasury shares are reissued at P100 per share. On December 31, 2023, Diana retired the remaining treasury shares. Net income for 2023 amounted to P4,000,000.   What is the total shareholders’ equity on December 31, 2023

The corporate charter of Diana Company authorizes the issuance of 500,000 ordinary shares with a P10 par value, and 100,000 non cumulative, non participating preference shares of P50 par value. On January 1, 2023, 300,000 ordinary shares are issued for cash at P100 per share. also on same date, all 100,000 preference shares are issued at P200 per share.   On June 30, 2023, the entity reacquired 20,000 ordinary shares at P120 per share. On July 31, 2023, 5,000 treasury shares are reissued at P150 per share. On September 30, 2023, 5,000 treasury shares are reissued at P100 per share. On December 31, 2023, Diana retired the remaining treasury shares. Net income for 2023 amounted to P4,000,000.   What is the total shareholders’ equity on December 31, 2023

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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  • The corporate charter of Diana Company authorizes the issuance of 500,000 ordinary shares with a P10 par value, and 100,000 non cumulative, non participating preference shares of P50 par value. On January 1, 2023, 300,000 ordinary shares are issued for cash at P100 per share. also on same date, all 100,000 preference shares are issued at P200 per share.

 

  • On June 30, 2023, the entity reacquired 20,000 ordinary shares at P120 per share.
  • On July 31, 2023, 5,000 treasury shares are reissued at P150 per share.
  • On September 30, 2023, 5,000 treasury shares are reissued at P100 per share.
  • On December 31, 2023, Diana retired the remaining treasury shares.
  • Net income for 2023 amounted to P4,000,000.

 

What is the total shareholders’ equity on December 31, 2023?

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