The following information pertains to IRON MAN Company: a. Dividends on its 50,000 shares of 10%, P100 par value cumulative preference share capital have not been declared or paid for 3 years. b. Treasury ordinary shares were acquired at a cost of P1,000,000 during the year. The treasury share had not been reissued as of year-end. At year-end, IRON MAN appropriated P3,000,000 of retained earnings for the construction of a new plant. d. Also, P2,000,000 of cash was restricted for the retirement of bonds payable due in the next year. C.

The following information pertains to IRON MAN Company: a. Dividends on its 50,000 shares of 10%, P100 par value cumulative preference share capital have not been declared or paid for 3 years. b. Treasury ordinary shares were acquired at a cost of P1,000,000 during the year. The treasury share had not been reissued as of year-end. At year-end, IRON MAN appropriated P3,000,000 of retained earnings for the construction of a new plant. d. Also, P2,000,000 of cash was restricted for the retirement of bonds payable due in the next year. C.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 9PA: Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000...

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