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White Corporation provided you with the following summary of total assets and liabilities at January 1, 2021 and at December 31, 2021. Assets, January 1, 2021 - P9,000,000 Assets, December 31, 2021 - P12,000,000 Liabilities, January 1, 2021 - P3,200,000 Liabilities, December 31, 2021 - P4,500,000 During 2021, the company issued 10,000 shares of its P100 par ordinary share at P150 per share and

White Corporation provided you with the following summary of total assets and liabilities at January 1, 2021 and at December 31, 2021. Assets, January 1, 2021 - P9,000,000 Assets, December 31, 2021 - P12,000,000 Liabilities, January 1, 2021 - P3,200,000 Liabilities, December 31, 2021 - P4,500,000 During 2021, the company issued 10,000 shares of its P100 par ordinary share at P150 per share and

FINANCIAL ACCOUNTING
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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White Corporation provided you with the following summary of total assets and liabilities at January 1, 2021 and at December 31, 2021.

Assets, January 1, 2021 - P9,000,000
Assets, December 31, 2021 - P12,000,000
Liabilities, January 1, 2021 - P3,200,000
Liabilities, December 31, 2021 - P4,500,000

During 2021, the company issued 10,000 shares of its P100 par ordinary share at P150 per share and declared dividends of P280,000.  There were no other changes affecting the equity accounts. How much is White Corporation’s profit for the year 2021?

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