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

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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