The following data were compiled prior to preparing the balance sheet of the Conrad Corporation as of December 31, 2022, the first year of operation: Issued ordinary shares, P150 par value P7,500,000 Cash dividends payable 160,000 Share dividends distributable (15% share dividends; FV of shares is P170 per share on date of declaration and P180 per share on expected date of distribution) 1,296,000 Share premium from donation (building donated with cost of P800,000 and FV of P1,200,000 on date of donation by a shareholder) 800,000 Share premium – ordinary (from issuance of 40,000 ordinary shares) 600,000 Appropriation of RE for plant expansion 400,000 Revaluation surplus – land 800,000 Retained earnings – unappropriated 2,540,000 Subscribed shares – ordinary 3,000,000 Shares subscriptions receivable – ordinary (collectible in 2 years) 900,000 Shares warrants outstanding ? Proceeds of issuance of bonds with warrants (FV of bonds is P3M) 3,450,000 Treasury shares (2,000 shares) 400,000 Appropriation of RE for treasury shares 400,000 How much is the balance of retained earnings – appropriated as of year-end?
The following data were compiled prior to preparing the balance sheet of the Conrad Corporation as of December 31, 2022, the first year of operation:
|
Issued ordinary shares, P150 par value |
P7,500,000 |
|
Cash dividends payable |
160,000 |
|
Share dividends distributable (15% share dividends; FV of shares is P170 per share on date of declaration and P180 per share on expected date of distribution) |
1,296,000 |
|
Share premium from donation (building donated with cost of P800,000 and FV of P1,200,000 on date of donation by a shareholder) |
800,000 |
|
Share premium – ordinary (from issuance of 40,000 ordinary shares) |
600,000 |
|
Appropriation of RE for plant expansion |
400,000 |
|
Revaluation surplus – land |
800,000 |
|
|
2,540,000 |
|
Subscribed shares – ordinary |
3,000,000 |
|
Shares subscriptions receivable – ordinary (collectible in 2 years) |
900,000 |
|
Shares warrants outstanding |
? |
|
Proceeds of issuance of bonds with warrants (FV of bonds is P3M) |
3,450,000 |
|
Treasury shares (2,000 shares) |
400,000 |
|
Appropriation of RE for treasury shares |
400,000 |
How much is the balance of retained earnings – appropriated as of year-end?
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