ABC Company was organized on January 1, 2019 at which date it issued 100,000 ordinary shares of P10 par value at P15 per share. During the period January 1, 2019 through December 31, 2020, ABC reported net income of P450,000 and paid cash dividends of P230,000. On January 10, 2020, ABC purchased 6,000 treasury shares at P12 per share. On December 31, 2020, ABC sold 4,000 treasury shares at P8 per share and retired the remaining treasury shares. ABC uses the cost method of accounting for treasury shares. What is the total shareholders' equity at December 31, 2020? (Round answer to whole number)
ABC Company was organized on January 1, 2019 at which date it issued 100,000 ordinary shares of P10 par value at P15 per share. During the period January 1, 2019 through December 31, 2020, ABC reported net income of P450,000 and paid cash dividends of P230,000. On January 10, 2020, ABC purchased 6,000 treasury shares at P12 per share. On December 31, 2020, ABC sold 4,000 treasury shares at P8 per share and retired the remaining treasury shares. ABC uses the cost method of accounting for treasury shares. What is the total shareholders' equity at December 31, 2020? (Round answer to whole number)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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ABC Company was organized on January 1, 2019 at which date it issued 100,000 ordinary shares of P10 par value at P15 per share. During the period January 1, 2019 through December 31, 2020, ABC reported net income of P450,000 and paid cash dividends of P230,000. On January 10, 2020, ABC purchased 6,000 treasury shares
at P12 per share. On December 31, 2020, ABC sold 4,000 treasury shares at P8 per share and retired the remaining treasury shares. ABC uses the cost method of accounting for treasury shares. What is the total shareholders' equity at December 31, 2020? (Round answer to whole number)
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