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Help me answer this it is about retained earnings Place Inc. a dealer in computers and computer software ends its accounting period on December 31.

Help me answer this it is about retained earnings

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Place Inc. a dealer in computers and computer software ends its accounting period on December 31. Use the information below to close its books. Cash Marketable Securities P 219,000 135,000 Merchandise Inventory 350,000 Furniture & Equipment (net) 320,500 Accounts payable Share Capital (P100 par) P 27,500 500,000 Treasury Shares (1,000) (120,000) Retained Earnings 420,000 Sales 662,500 Purchases 370,000 Selling Expenses 70,500 Administrative Expenses 25,000 P1,490,000 P1,490,000 Unsold goods on December 31 represents 1/3 of the total goods available for sale. Aside from the closing entries, two transactions are not yet recorded by the accountant: A 20% stock dividend declaration on December 15 A 10% cash dividend declaration on December 31. An appropriation for treasury shares on December 31. Required: 1) Entries to record the dividends and appropriation and the closing entries. 2) Prepare a statement of financial position as at December 3 1supported by a statement of retained earnings

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