What should be reported as total shareholders’ equity on December 31, 2020?
Presented below is the shareholders’ equity of ABC Company on January 1, 2020.
Share capital, par value P20
authorized 50,000 shares; issued and outstanding, 30,000 shares 600,000
Share premium 150,000
During 2020, the following transactions occurred relating to shareholders’ equity:
- 1,000 shares were reacquired at P28 per share
- 900 shares were reacquired at P30 per share
- 1,500 shares of treasury were sold at P32 per share
For the year ended December 31, 2020, ABC reported net income of P110,000.
What should be reported as total shareholders’ equity on December 31, 2020?
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