January 1 Issued 40,000 ordinary shares at P130 per share. February 1 Issued 30,000 ordinary for the following assets: Machine 500,000
Use the following information for the next four (4) questions:
On January 1, 2023, Flips Company is authorized to issue 100,000 P100 par value ordinary shares. The following transactions occurred during 2023:
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January 1 |
Issued 40,000 ordinary shares at P130 per share. |
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February 1 |
Issued 30,000 ordinary for the following assets: |
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Machine |
500,000 |
Fair value |
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|
Land |
- |
None |
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|
Building |
1,100,000 |
Fair value |
|
|
Ordinary shares
|
P120 |
Fair value |
|
July 1 |
Purchased 10,000 ordinary shares at P150 per share to be held as treasury. |
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August 1 |
Declared a 2 for 1 split. |
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September 15 |
Reissued 5,000 treasury shares at P100 per share |
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December 31 |
Declared a P10 per share cash dividend on the ordinary shares. |
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December 31 |
Net income for the year is P3,000,000. |
What is the total shareholders’ equity at December 31, 2023?
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