FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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What is the retained earnings balance ending December 31, 2021? 

On January 1, 2021, MARVEL Corporation's shareholders' equity comprised of P5,000,000 share capital, par P100,
P3,000,000 of share premium and retained earnings of P1,500,000. During the year, MARVEL had the following
selected transactions in chronological order:
Corrected overstatement of 2020 net income because of depreciation error, P50,000
Share dividend of 15% was declared and issued when the shares are selling at P120 per share.
Declared a cash dividend of P1.75 per share
Net income for the year amounts to P850,000
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Transcribed Image Text:On January 1, 2021, MARVEL Corporation's shareholders' equity comprised of P5,000,000 share capital, par P100, P3,000,000 of share premium and retained earnings of P1,500,000. During the year, MARVEL had the following selected transactions in chronological order: Corrected overstatement of 2020 net income because of depreciation error, P50,000 Share dividend of 15% was declared and issued when the shares are selling at P120 per share. Declared a cash dividend of P1.75 per share Net income for the year amounts to P850,000
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