a.) Treasury Stock

b.) Retained Earnings

c.) Shareholder's Equity

On January 1, 2014, GOT Company had Common Stock of 800,000 authorized shares with P20 par value. The Stockholders' Equity accounts on January 1, 2014 had the following balances: Common Stock - P2,000,000 Additional Paid-in Capital - P600,000 Retained Earnings - P1,200,000 Transactions during the year and other information relating to shareholders' equity accounts were: 1. On January 5, GOT issued at P54 per share, 10,000 preferred stock with P50 par value and 9% cumulative. GOT had 400,000 authorized preferred shares. 2. On February 1, GOT reacquired 10,000 common shares at P32 per share. 3. On April 30, GOT sold 25,000 common stock at P34 per share. 4. On June 18 , GOT declared a cash dividend of P2 per common stock, payable on July 12, to shareholders of record on July 1. 5. On November 19, GOT sold 5,000 shares of treasury for P42 per share. 6. On December 15 , GOT declared a yearly cash dividend on preferred stock, payable on January 14, 2015 on shareholders of record on December 31, 2014. 7. Net income for the year was P800,000 8. GOT appropriated earnings equal to the cost of treasury shares. Determine the balances of the following accounts on December 31, 2014