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Hello! Can I get some help in this questionnaire? Thank you! NAME: SCORE: PROFESSOR: SECTION: Problem #31 Preparation of the Shareholders' Equity Section of a
Hello! Can I get some help in this questionnaire? Thank you!
NAME: SCORE: PROFESSOR: SECTION: Problem #31 Preparation of the Shareholders' Equity Section of a Statement of Financial Position On Dec. 31, 2018, selected accounts from the trial balance of Dimaculangan, Inc. showed the following balances: Debit Credit P1,550,000 100,000 600,000 1,500,000 1,350,000 P120,000 Retained Earnings Subscribed Ordinary Shares, 2,000 shares Long-term Notes Payable 5% Preference Shares, P100 par Share Premium-Ordinary Subscriptions Receivable Share Premium-Treasury Organization Expense Share Premium-Preference Ordinary Shares, P50 par Donated Capital Treasury Stock, 450 shares at Cost 280,000 200,000 850,000 2,500,000 590,000 40,000 Dimaculangan was authorized by its articles of incorporation to issue 500,000 shares of P50 par ordinary shares and 25,000 shares of P100 par cumulative, nonparticipating preference shares. Note that subscriptions receivable are collectible next year. Required: Choose the appropriate shareholders' equity accounts from those listed above and prepare the shareholders' equity section of Dimaculangan, Inc.'s Dec. 31, 2018 statement of financial positionStep by Step Solution
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