Answered: On July 1, 2021, Soloc Company has…

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 3P: On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a...

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On July 1, 2021, Soloc Company has 200,000 share of P10 par ordinary share outstanding and the market price of the share is P12 per share. On the same date. Solo declared a 1 for 2 reverse share split. The par of the share was increased from P10 to P20. Immediately before teh split. The par of the share was increased from P10 to P20. Immediately before the split, the total share premium was P900,000. What should be the balance of the share premium account after the reverse share split is effected A.P900.000 B.P1,700.000 C.P1,300,000 D. 0 On July 1, 2021. Battery Company's board of directors declared a 10% share dividend, The market price of Battery's 400,000 outstanding ordinary shares, P50 par value, was P80 per share on the date of declaration. The share dividend was distributed on September 1, 2021, when the market price of the shares was P100 per share on the date of declaration. What amount should be charged to the retained earnings account as a result of the share dividends ? A.P4,000,000 B.None C.P2,000,000 D.P3,200,000

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