15.The following data were taken from the accounts of Miami Heat Corporation as at December 31, 2019: Total net income since incorporation P 840,000 Proceeds from sale of donated shares 90,000 Scrip dividends declared payable on Jan. 5, 2020 65,000 Ordinary share capital dividend distributable 60,000 Excess of proceeds over cost from sale of treasury shares What should be the balance of the Retained Earnings as of December 31, 2019? ______________

Out of the profit earned by the business entities, some of the profit is distributed by them to…

Answered: The following data were taken from the…

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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15.	The following data were taken from the accounts of Miami Heat Corporation as at December 31, 2019:

	Total net income since incorporation	P 840,000
	Proceeds from sale of donated shares	90,000
	Scrip dividends declared payable on Jan. 5, 2020	65,000
	Ordinary share capital dividend distributable	60,000
	Excess of proceeds over cost from sale of treasury shares
	What should be the balance of the Retained Earnings as of December 31, 2019? ______________

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