the shareholders’ equity section of Pampanga Corporation’s statement of financial position as of December 31, 2019, is as follows: Ordinary shares, P10, par value; authorized, 2,000,000 shares; issued 400,000 shares P4,000,000 Share premium 1,700,000 Accumulated profits 6,000,000 Total P11,700,000 The following transactions occurred during 2020: Jan. 5 10,000 shares of authorized and unissed ordinary shares were sold P17 per share. The company incurred share issue cost at P1 per share. Jan. 16 Declared a cash dividends of P1 per share, payable February 15 to shareholders of record February 5. Feb. 20 Reacquired 50,000 shares as treasury shares at P20 per share. Feb. 25 20,000 shares of authorized and unissued ordinary shares were issued in exchange of an equipment having a fair market value of P500,000. The company incurred share issue costs at P20,000. Mar. 1 A 30% stock dividend was declared and issued. Market value of shares on this date was at P30. Apr. 1 A two-for-one split was carried out. Market value of shares on this date was at P18 per share. May 30 Reissued half of the treasury shares at P14 per share. July 1 A 15% stock dividend was declared and issued. Market value is currently at P20 per share. Aug. 1 A cash dividend of P.50 per share was declared payable September 1 to shareholders of record on August 21. Dec. 31 Adjusted net income for the year is at P2,150,000. Determine the balance of the Retained earnings - unappropriated Group of answer choices 2,865,500 2,389,150 2,993,260 3,232,260
the shareholders’ equity section of Pampanga Corporation’s
|
Ordinary shares, P10, par value; authorized, |
|
|
Share premium |
1,700,000 |
|
|
6,000,000 |
|
Total |
P11,700,000 |
The following transactions occurred during 2020:
|
Jan. 5 |
10,000 shares of authorized and unissed ordinary shares were sold P17 per share. The company incurred share issue cost at P1 per share. |
|
Jan. 16 |
Declared a cash dividends of P1 per share, payable February 15 to shareholders of record February 5. |
|
Feb. 20 |
Reacquired 50,000 shares as treasury shares at P20 per share. |
|
Feb. 25 |
20,000 shares of authorized and unissued ordinary shares were issued in exchange of an equipment having a fair market value of P500,000. The company incurred share issue costs at P20,000. |
|
Mar. 1 |
A 30% stock dividend was declared and issued. Market value of shares on this date was at P30. |
|
Apr. 1 |
A two-for-one split was carried out. Market value of shares on this date was at P18 per share. |
|
May 30 |
Reissued half of the treasury shares at P14 per share. |
|
July 1 |
A 15% stock dividend was declared and issued. Market value is currently at P20 per share. |
|
Aug. 1 |
A cash dividend of P.50 per share was declared payable September 1 to shareholders of record on August 21. |
|
Dec. 31 |
Adjusted net income for the year is at P2,150,000. |
Determine the balance of the Retained earnings - unappropriated
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