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The shareholders' equity section of Raja Corporation's statement of financial position as of December 31, 2021, is as follows: Ordinary shares, P10, par value; authorized, 2,000,000 shares; issued 400,000 shares P 4,000,000 Share premium 1,700,000 Retained Earnings 6,000,000 Total P11,700,000 The following transactions occurred during 2022: 10,000 ordinary shares were issued at P17 per share. The company Jan, 5 incurred share issue costs of P1 per share. Declared a cash dividends of PO.40 per share, payable February 15 tc Jan. 16 shareholders as of record February 5. Feb. 20 Reacquired 50,000 shares as treasury shares at P20 per share 20,000 ordinary shares were issued in exchange for an equipment Feb. 25 having a fair value of P500,000. The company incurred share issue costs of P20,000. A 30% stock dividend was declared and issued. Market value of shares Mar. 1 on this date was at P30. A two-for-one share split was carried out. Market value of shares on Apr. 1 this date was P18 per share. May 30 Reissued half of the treasury shares at P14 per share. A 15% stock dividend was declared and issued. Market value is July 1 currently at P20 per share. A cash dividend of PO.20 per share was declared payable September 1 to shareholders as of record on August 21. Aug. 1 Dec. 31 Adjusted net income for the year is P2.150,000.

The shareholders' equity section of Raja Corporation's statement of financial position as of December 31, 2021, is as follows: Ordinary shares, P10, par value; authorized, 2,000,000 shares; issued 400,000 shares P 4,000,000 Share premium 1,700,000 Retained Earnings 6,000,000 Total P11,700,000 The following transactions occurred during 2022: 10,000 ordinary shares were issued at P17 per share. The company Jan, 5 incurred share issue costs of P1 per share. Declared a cash dividends of PO.40 per share, payable February 15 tc Jan. 16 shareholders as of record February 5. Feb. 20 Reacquired 50,000 shares as treasury shares at P20 per share 20,000 ordinary shares were issued in exchange for an equipment Feb. 25 having a fair value of P500,000. The company incurred share issue costs of P20,000. A 30% stock dividend was declared and issued. Market value of shares Mar. 1 on this date was at P30. A two-for-one share split was carried out. Market value of shares on Apr. 1 this date was P18 per share. May 30 Reissued half of the treasury shares at P14 per share. A 15% stock dividend was declared and issued. Market value is July 1 currently at P20 per share. A cash dividend of PO.20 per share was declared payable September 1 to shareholders as of record on August 21. Aug. 1 Dec. 31 Adjusted net income for the year is P2.150,000.

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter11: Stockholders' Equity
Section: Chapter Questions
Problem 11.6E
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Problem 3 The shareholders' equity section of Raja Corporation's statement of financial position as of December 31, 2021, is as follows: Ordinary shares, P10, par value; authorized, 2,000,000 shares; issued 400,000 shares P 4,000,000 Share premium 1,700,000 Retained Earnings 6,000,000 Total P11,700,000 The following transactions occurred during 2022: 10,000 ordinary shares were issued at P17 per share. The company Jan, 5 incurred share issue costs of P1 per share. Declared a cash dividends of PO.40 per share, payable February 15 to Jan. 16 shareholders as of record February 5. Feb. 20 Reacquired 50,000 shares as treasury shares at P20 per share 20,000 ordinary shares were issued in exchange for an equipment Feb. 25 having a fair value of P500,000. The company incurred share issue costs of P20,000. A 30% stock dividend was declared and issued. Market value of shares Mar. 1 on this date was at P30. A two-for-one share split was carried out. Market value of shares on Apr. 1 this date was P18 per share. May 30 Reissued half of the treasury shares at P14 per share. A 15% stock dividend was declared and issued. Market value is July 1 currently at P20 per share. A cash dividend of PO.20 per share was declared payable September 1 Aug. 1 to shareholders as of record on August 21. Dec. 31 Adjusted net income for the year is P2.150,000.
Transcribed Image Text:Problem 3 The shareholders' equity section of Raja Corporation's statement of financial position as of December 31, 2021, is as follows: Ordinary shares, P10, par value; authorized, 2,000,000 shares; issued 400,000 shares P 4,000,000 Share premium 1,700,000 Retained Earnings 6,000,000 Total P11,700,000 The following transactions occurred during 2022: 10,000 ordinary shares were issued at P17 per share. The company Jan, 5 incurred share issue costs of P1 per share. Declared a cash dividends of PO.40 per share, payable February 15 to Jan. 16 shareholders as of record February 5. Feb. 20 Reacquired 50,000 shares as treasury shares at P20 per share 20,000 ordinary shares were issued in exchange for an equipment Feb. 25 having a fair value of P500,000. The company incurred share issue costs of P20,000. A 30% stock dividend was declared and issued. Market value of shares Mar. 1 on this date was at P30. A two-for-one share split was carried out. Market value of shares on Apr. 1 this date was P18 per share. May 30 Reissued half of the treasury shares at P14 per share. A 15% stock dividend was declared and issued. Market value is July 1 currently at P20 per share. A cash dividend of PO.20 per share was declared payable September 1 Aug. 1 to shareholders as of record on August 21. Dec. 31 Adjusted net income for the year is P2.150,000.
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