Problem 6: The capital accounts of Sangonomiya Kokomi Company on December 31, 2020 were follows: Preference share, P20 par, 30,000 shares Share premium - preference Ordinary share, P80 par, 75,000 shares Share premium - ordinary Retained earnings During the year 2021, the following transactions took place in chronological order: 1,500 preference shares were retired at P25 per share. ● 3,000 treasury shares (ordinary) were purchased at P85 per share. A 2-for-1 share split was declared on the ordinary shares. 1,200 treasury shares (ordinary) were reissued at P50 per share. Profit for 2021 was P1,350,000. ● ● ● 600,000 240,000 6,000,000 900,000 540,000 10. What was the total shareholder's equity on December 31, 2021? a. P8,280,000

Problem 6: The capital accounts of Sangonomiya Kokomi Company on December 31, 2020 were follows: Preference share, P20 par, 30,000 shares Share premium - preference Ordinary share, P80 par, 75,000 shares Share premium - ordinary Retained earnings During the year 2021, the following transactions took place in chronological order: 1,500 preference shares were retired at P25 per share. ● 3,000 treasury shares (ordinary) were purchased at P85 per share. A 2-for-1 share split was declared on the ordinary shares. 1,200 treasury shares (ordinary) were reissued at P50 per share. Profit for 2021 was P1,350,000. ● ● ● 600,000 240,000 6,000,000 900,000 540,000 10. What was the total shareholder's equity on December 31, 2021? a. P8,280,000

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

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 14P

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