The corporation was organized early this year. Authorization was obtained to issue 100,000 shares of P10 par value ordinary shares capital and 20,000 shares of P50 par, 10% cumulative preference share capital. 50,000 ordinary shares were issued at P15 and 30,000 shares were subscribed at P20. Additionally, 10,000 preference shares were issued at P60 and 5,000 shares were subscribed at P80. The corporation earned P1,500,000 net income for the year. What is the total shareholders' equity at the end of the year? Give your answer in this format X,XXX,XXX (disregard the pesos sign).

The corporation was organized early this year. Authorization was obtained to issue 100,000 shares of P10 par value ordinary shares capital and 20,000 shares of P50 par, 10% cumulative preference share capital. 50,000 ordinary shares were issued at P15 and 30,000 shares were subscribed at P20. Additionally, 10,000 preference shares were issued at P60 and 5,000 shares were subscribed at P80. The corporation earned P1,500,000 net income for the year. What is the total shareholders' equity at the end of the year? Give your answer in this format X,XXX,XXX (disregard the pesos sign).

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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