Question
Use the following information for the next three (3) questions: ABC Company provided the following data during the first year of operations: Sold 30,000 preference
Use the following information for the next three (3) questions:
ABC Company provided the following data during the first year of operations:
Sold 30,000 preference shares, 12%, P100 par, at P140.
Sold 100,000 ordinary shares of P50 par at P55.
. Purchased and retired 10,000 preference shares at P120.
Purchased 15,000 ordinary shares at P52 to be held as treasury.
Sold 10,000 treasury ordinary shares at P60.
Shareholders donated to the entity 20,000 ordinary shares when shares had a market price of P60. One h these shares were sold for P65.
Net income for the year was P3,000,000
Appropriated retained earnings equal to the remaining cost of treasury shares.
1. what amount should be reported as total share premium at year end?
2. what amount should be reported as unappropriated retained earnings at year end?
3. what amount should be reported as shareholders' equity?
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