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Compute the book value per share on December

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Question - On January 1, 2019, the total shareholders' equity of Morrison Co. was P8,000,000. The entity also had 500,000, P5 par ordinary shares issued, 20% of which were held by the company as treasury shares at P18. These shares were originally issued at P9 per share. During 2019 the following transactions that affected the entity's shareholders' equity occurred:

a. 100,000 ordinary shares were issued at P22 per share on February 1.

b. Half of the treasury shares were reissued at P15 per share on March 31.

c. The entity declared a 12% share dividend on all of its outstanding shares on April 22, when each share was trading at P20 per share. These were distributed on April 30.

d. Net income during the year was P1,404,000.

Required - Compute the book value per share on December 31, 2019.

Reference no: EM132894522

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