FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following data were extracted from the stockholders’ equity of ABC Company:

 

 

12/31/2017

12/31/2018

Ordinary share (100 par)

5,000,000

5,100,000

Share premium

2,500,000

2,900,000

Accumulated profits

5,000,000

?

 

During 2018, the company declared and paid cash dividends of P750,000 and also declared and issued a stock dividend. There were no other changes in stock issued and outstanding during 2018. The net income for 2018 was P1,500,000. The retained earnings on December 31, 2018 should be

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