On January 1, Puroland Corporation was incorporated, with 100,000 authorized ordinaryshares of $100 parvalue. On the same date, 50,000 shares were sold and issued at $110 per share. On May 14, the corporationreacquired 800 ordinary shares at $120 per share. On September 16, 500 treasury shares were sold at $110. Atthe end of the year, the corporation realized a net income of $950,000. Out of unrestricted retained earnings,cash dividend of $300,000 was paid and $150,000 was appropriated for contingencies. How much is totalshareholders' equity as of December 31? Presented below are balances taken from the records of Sanso Corporation, as of December 31, 2020:10% Preference Share Capital, cumulative, #100 par value = $1,000,000Subscribed Preference Share Capital = $750,000Subscriptions Receivable-Preference = $450,000Ordinary Share Capital, 50 par value = $920,000Subscribed Ordinary Share Capital = $650,000Subscriptions Receivable-Ordinary = $220,000Accumulated Profits = $2,410,000Treasury Share-Ordinary, 500 shares = $35,000How much is total shareholders' equity as of December 31, 2020?

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On January 1, Puroland Corporation was incorporated, with 100,000 authorized ordinaryshares of P100 par value. On the same date, 50,000 shares were sold and issued at P110 per share. On May 14, the corporation reacquired 800 ordinary shares at P120 per share. On September 16, 500 treasury shares were sold at P110. At the end of the year, the corporation realized a net income of $950,000. Out of unrestricted retained earnings, cash dividend of P300,000 was paid and P150,000 was appropriated for contingencies. How much is total shareholders' equity as of December 31?

On January 1, Puroland Corporation was incorporated, with 100,000 authorized ordinaryshares of P100 par value. On the same date, 50,000 shares were sold and issued at P110 per share. On May 14, the corporation reacquired 800 ordinary shares at P120 per share. On September 16, 500 treasury shares were sold at P110. At the end of the year, the corporation realized a net income of $950,000. Out of unrestricted retained earnings, cash dividend of P300,000 was paid and P150,000 was appropriated for contingencies. How much is total shareholders' equity as of December 31?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 4PA: Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par...

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