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Determine the amount of total contributed capital

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Reference no: EM132941365

Question - At the beginning of the current year, a company reported the following shareholder's equity:

Share capital, P5 par, 200,000 outstanding 1,000,000

Share premium 980,000

Retained earnings 1,250,000

During the current year, the following chronological transactions occurred: acquired 10,000 shares for P7 per share

Reissued 4,000 shares at P9 per share

Net income for the year was P320,000

Required - Determine the amount of total contributed capital as of the end of the year.

Reference no: EM132941365

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