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Using the trial balance below, how should I record an adjusting entry for: Appropriation reserve for treasury shares was set up ?? ? 17. The

Using the trial balance below, how should I record an adjusting entry for:

Appropriation reserve for treasury shares was set up

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17. The trial balance of Davao Corporation at the end of its operation for 2014 is given below: DAVAO CORPORATION TRIAL BALANCE December 31, 2017 Cash Accounts Receivable Estimated Uncollectible Accounts Inventory, January 1 Investment in Available for Sale Pepsico Shares Land Building Accumulated Depreciation, Building Furniture & Equipment Accumulated Depreciation, Furniture & Equipment Accounts Payable Ten-Year Mortgage Payable (18% payable P25,000 every January 1) 12% Preference Share Capital, par P100 Ordinary Share Capital - par P100 Share Premium - Ordinary Unrealized Gain on Revaluation of Land Treasury Shares - Ordinary, 100 shares Retained Earnings Sales Sales Discounts Purchases Purchase Discounts Freight-In Office Salaries Sales Salaries - P 180,000 450,000 220,000 200,000 800,000 350,000 210,000 150,000 P 23,000 94,000 3,446,000 24,000 36,000 72,000 35,000 42,000 380,000 250,000 400,000 800,000 80,000 20,000 -303,800 3,800,000 171,200 Advertising Utilities Expense Rent Freight Out Insurance License and Taxes Interest Expense Adjustments data: 1) Inventory, December 31, 2017, P550,000. 2) 10% of retained earnings was declared on December 31 as cash dividend payable on March 1, 2018. 18,000 1,650 20,350 5,400 14,600 11,200 1.800 P6,305,000 P6.305.000 3) Depreciation rates: Equipment, 10% a year; Building, 5% a year. 4) Interest on the mortgage payable has not been recorded. 5) Unexpired insurance, P2,600. 6) Accrued Rent, P1,850. 7) Provision for Bad Debts, 1/2% of sales. Appropriation Reserve for Treasury Shares was set up. 9) Tax rate is 30%. 8) Prepare the following: ustments Adiusted Trial Balance, Income Statement,

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