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asnwer w/ solution On January 1, 2019, Tyson Company issues to its parent, Fury Company, 5,000,000 redeemable preference shares at P1.00 each for a cash

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On January 1, 2019, Tyson Company issues to its parent, Fury Company, 5,000,000 redeemable preference shares at P1.00 each for a cash consideration of P5,000,000 inclusive of transaction costs. The preference shares carry no fixed dividend payment and are redeemable at P1.00 each on January 1,2024. Based on Tyson's credit rating, its current cost at the time of issue is 8% per annum. On December 31, 2019, it declares and pays a special dividend of P2.00 pe share. What amount of proceeds from the issue of redeemable share that should be reported directly in the shareholders equity on January 1, 2019

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