Statement of Changes in Equity. The following balances were taken from the December 31, 2020 financial statements of PATRICK STAR, Inc.: Ordinary share capital, P100 par P 5,500,000 Reserves 3,500,000 Retained earnings, unappropriated Treasury shares, at cost 4,250,000 450,000) P 13,700,000 The following transactions happened during 2021: • PATRICK STAR discovered that it had failed to record its annual depreciation expense for 2018 amounting to P35,000. • 35,000 additional ordinary shares were issued at a price of P120 per share. 2,500 of its 3,000 treasury shares were reissued at P200. Profit during the year was P2,500,000. • Unrealized gain on FVOCI investments, post-tax, was P175,000

Statement of Changes in Equity. The following balances were taken from the December 31, 2020 financial statements of PATRICK STAR, Inc.: Ordinary share capital, P100 par P 5,500,000 Reserves 3,500,000 Retained earnings, unappropriated Treasury shares, at cost 4,250,000 450,000) P 13,700,000 The following transactions happened during 2021: • PATRICK STAR discovered that it had failed to record its annual depreciation expense for 2018 amounting to P35,000. • 35,000 additional ordinary shares were issued at a price of P120 per share. 2,500 of its 3,000 treasury shares were reissued at P200. Profit during the year was P2,500,000. • Unrealized gain on FVOCI investments, post-tax, was P175,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 84PSB: Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following...

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