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INTERMEDIATE ACCOUNTING 2 (PLEASE SOLVE ALL AND GIVE SOLUTIONS) 14. Kaiser Company provided the following data for the current year: Retained earnings - unappropriated, January
INTERMEDIATE ACCOUNTING 2
(PLEASE SOLVE ALL AND GIVE SOLUTIONS)
14. Kaiser Company provided the following data for the current year: Retained earnings - unappropriated, January 1 2,000,000 Overdepreciation of prior year net of tax 400,000 Net income for current year 4,000,000 Retained earnings appropriated for treasury shares (original balance is P500,000 reduced by P200,000 by reason of reissuance) 300,000 Retained earnings appropriated for contingencies (beginning balance, $700,000 increased by current appropriation of P100,000) 800,000 Cash dividends paid to shareholders 1,000,000 Change in accounting policy from FIFO to weighted average method - debit adjustment net of tax 300,000 What amount should be reported as unappropriated retained earnings on December 31? a. 6,000,000 b. 5,200,000 C. 5,100,000 d. 4,800,000Step by Step Solution
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