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Compute what is amount of shareholders equity on december

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Problem 1: Harbottle Corporation was organized on January 3, 2016, with an authorized capital of 100,000 shares of P10 par ordinary shares. During 2016, Harbottle had the following transactions affecting shareholders' equity: January 7--Issued 40,000 shares at P12 per share December 2--Purchased 6,000 shares of treasury shares at P13 per share. The cost method was used to record the treasury shares transaction. Harbottle's net income for 2016 is P300,000. What is the amount of shareholders' equity on December 31, 2016?

Reference no: EM132719545

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