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there are no other info The shareholders' equity of Lesniak Co. at the beginning of 2019 shows the following accounts and balances: 10% Preference share
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The shareholders' equity of Lesniak Co. at the beginning of 2019 shows the following accounts and balances: 10% Preference share capital, P10 par Ordinary share capital, P1 par Share premium - preference Share premium - ordinary Share premium - treasury Retained earnings Treasury shares (200,000 ordinary shares, at cost) P 1,000,000 4,000,000 9,000,000 11.000.000 150,000 12,000,000 (2,200,000) The preference shares are cumulative, and Lesniak last declared and paid dividends in 2017. During the year, the following transactions occurred: January 15 Issued 200,000 ordinary shares at P8 per share. February 1 Declared cash dividends worth P1,000,000. These were distributed on March 1. April 2 Declared a 20% share dividend on all of its outstanding shares. The fair values of each preference share and ordinary share on this date were P24 and P14, respectively. These were distributed on May 2. June 3 Reissued the treasury shares at P9 per share August 4 Reacquired 200,000 preference shares at 25 per share October 1 Retired the preference treasury shares. These shares were originally issued at P30 per share December 31 Net income during the year was P2,500,000 9. Determine the total share premium on December 31, 2019. 10. Determine the total retained earnings on December 31, 2019. The shareholders' equity of Lesniak Co. at the beginning of 2019 shows the following accounts and balances: 10% Preference share capital, P10 par Ordinary share capital, P1 par Share premium - preference Share premium - ordinary Share premium - treasury Retained earnings Treasury shares (200,000 ordinary shares, at cost) P 1,000,000 4,000,000 9,000,000 11.000.000 150,000 12,000,000 (2,200,000) The preference shares are cumulative, and Lesniak last declared and paid dividends in 2017. During the year, the following transactions occurred: January 15 Issued 200,000 ordinary shares at P8 per share. February 1 Declared cash dividends worth P1,000,000. These were distributed on March 1. April 2 Declared a 20% share dividend on all of its outstanding shares. The fair values of each preference share and ordinary share on this date were P24 and P14, respectively. These were distributed on May 2. June 3 Reissued the treasury shares at P9 per share August 4 Reacquired 200,000 preference shares at 25 per share October 1 Retired the preference treasury shares. These shares were originally issued at P30 per share December 31 Net income during the year was P2,500,000 9. Determine the total share premium on December 31, 2019. 10. Determine the total retained earnings on December 31, 2019Step by Step Solution
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