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Mighty Corporation was organized on January 2, 2022, with authorized capital of 100,000 shares of P10 par ordinary share capital. During 2022, Mighty had the
Mighty Corporation was organized on January 2, 2022, with authorized capital of 100,000 shares of P10 par ordinary share capital. During 2022, Mighty had the following transactions affecting shareholders equity.
Jan 7 Issued 40,000 shares at P12 per share.
Dec 2 Purchased 6,000 treasury shares at P13 per share.
Profit for the year amounted to P300,000. What is the amount of shareholders equity as of December 31, 2022?
Group of answer choices
P702,000
P640,000
P708,000
P720,000
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