Problem #28comprehensive Shareholders' Equity Transactionschareholders' equity of the Rodriguez Corporation on June 30, 2017, is shownbelow:Share CapitalOrdinary Shares- P6 par value,1,000,000 shares authorized,250,000 shares issued and outstandingShare Premium-OrdinaryP1,500,000Total Share CapitalRetained EarningsTotal Shareholders' Equity820,000P2,320,000970,000P3,290,000Transactions for the next fiscal year were as follows:a.The board of directors declared a 2-for-1 share split.b.The board of directors obtained authorization to issue 50,000 shares of P100 parvalue, 6 % non-cumulative preference shares.Issued 12,000 ordinary shares for a building appraised at P96,000.Purchased 8,000 shares of the corporation's ordinary shares for P64,000.Issued 20,000 preference shares for P100 per share.Sold 5,000 shares of treasury stock for P35,000.Declared cash dividends of P6 per share on preference shares and P.20 per shareС.d.e.f.g.on ordinary shares.Date of record.h.Paid the preference and ordinary shares cash dividends.Declared a 10% share dividend on ordinary shares. The market value was P10 peri.j.share. The share dividend is distributable after the end of the fiscal year.Profit for the year was P340,000.k.Required:1. Prepare the journal entries to record the transactions.3. Prepare the shareholders' equity section of the statement of financial position as atJune 30, 2018.2. Prepare the statement of retained earnings for the year ended June 30, 2018.Chapter 7: Retained Earnings | 7-67

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Transactions for the next fiscal year were as follows: The board of directors declared a 2-for-1 share split. b.. The board of directors obtained authorization to issue 50,000 shares of P100 par a. value, 6 % non-cumulative preference shares. Issued 12,000 ordinary shares for a building appraised at P96,000. C.

Transactions for the next fiscal year were as follows: The board of directors declared a 2-for-1 share split. b.. The board of directors obtained authorization to issue 50,000 shares of P100 par a. value, 6 % non-cumulative preference shares. Issued 12,000 ordinary shares for a building appraised at P96,000. C.

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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