Requirement: 1. Record the approproiation of Retained Earnings 2. Prepare the shoulders' equity section of Camia Corporation

Exercises 1. An abstract of the shareholders' equity of the Camia Co. on December 31,200A appears as follows: Preference Share, Php35 par value, 150,000 shares issued and outstanding Php5,250,000 Ordinary Shares, Php25 par value, 300,000 shares issued and Outstanding 7,500,000 Premium on Preference Share 450,000 Premium on Ordinary Share 600,000 Retained Earnings 1,200,000 Treasury Share - Ordinary 60,000 The Board of Directors decided to establish a reserve of Php230,000 for contingencies and Php380,000 for plant expansion. Required: 1. Record the appropriation of Retained Earnings. 2. Prepare the shareholders' equity section of Camia Corporation