Answered step by step
Verified Expert Solution
Question
1 Approved Answer
what is Total Stockholders Equity For items 62 to 63 Consolation Company began operations on January 1, 2019, by issuing at P30 per share one-half
what is Total Stockholders Equity
For items 62 to 63 Consolation Company began operations on January 1, 2019, by issuing at P30 per share one-half of the 900,000 shares of P10 par value ordinary shares that had been authorized for sale. In addition, Consolation has 500,000 shares of P50 par value, 6% preference shares authorized. During 2019, Consolation had P3,200,000 of net income and declared P2,000,000 of dividends. During 2020, Consolation had the following transactions: a.) Issued an additional 100,000 ordinary shares for P18 per share. b.) Issued 75,000 preference shares for P65 per share. c.) Authorized the purchase of a custom-made machine to be delivered in January 2021. Consolation restricted P800,000 of retained earnings for the purchase of the machine. d.) Sold additional 25,000 preference shares for P55 per share. e.) Reported P2,400,000 of net income and declared a dividend of P700,000 to shareholders of record on January 15, 2021 and to be paid on February 4, 2021. Based on the preceding data, determine the December 31, 2020, balances of the followingStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started