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.