Colossians Co. at December 31, 2021 reveals that the total income since incorporation is P420,000; the total cash dividends paid is P130,000; the total value of property dividends distributed is P30,000; and the excess of proceeds over cost of treasury shares sold is P110,000. In its December 31, 2021 statement of changes in equity, what amount should the firm report as accumulated profits (retained earnings)? A. P260,000 B. P290,000 C. P370,000 D. P400,000

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Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.