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answer these following. thank you 48. what is the Retained Earnings (before appropriation for treasury shares) ? 49. what is the Treasury shares? 50. what
answer these following. thank you
48. what is the Retained Earnings (before appropriation for treasury shares) ?
49. what is the Treasury shares?
50. what is the Total Shareholder's Equity ?
You have been assigned to the audit of MALAYSIA CO., a manufacturing company. You have been asked to summarize the transactions for the year ended December 31, 2018, affecting shareholders' equity and other related accounts. The shareholders equity section of Malaysia's December 31, 2017, statement of financial position follows: Ordinary share capital, P2 par value, 1,000,000 shares authorized, 180,000 shares issued, 177,580 shares outstanding. ...P 360,000 Share premium - issuance....... .3,640,000 Share premium - treasury shares... .45,000 Retained earnings .....649,378 Cost of 2,420 treasury shares... (145.200) Total shareholders' equity....... P4.549.178 You have extracted the following information from the accounting records 2018 Jan. 15 Malaysia reissued 1,300 treasury shares for P40 per share. The 2,420 treasury shares on hand at December 31, 2017, were purchased in one block in 2016. Feb. 1 Sold 180, P1,000, 9% bonds due February 1, 2028, at 103 with one detachable share warrant attached to each bond. Interest is payable annually on February 1. The fair market value of the bonds without the share warrants is 95. The detachable warrants have a fair value of P50 each and expire on February 1, 2019. Each warrant entitles the holder to purchase 10 ordinary shares at P40 per share. Mar. 6 2,800 ordinary shares were subscribed for at P44 per share. 40% of the subscription was collected. 20 The balance due on 2,400 shares was received and those shares were issued. Nov. 1 There were 110 share warrants detached from the bonds and exercised. Malaysia's net income for 2018 is P950,000. Based on the preceding information, determine the correct December 31, 2018, balance of each of the followingStep by Step Solution
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