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Determine the total shareholders equity at december

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Reference no: EM132736608

PH Resorts Group Holdings, Inc. had 100,000 shares of ordinary share capital on December 31, 2020. Its statement of financial position on that date showed the following shareholders' equity balances:

Ordinary share capital P 1,000,000

Share premium 300,000

Retained earnings 900,000

The following treasury share transactions took place in 2020:

1. Purchased 10,000 ordinary shares by transferring a land to a certain shareholder.

Carrying amount of the land is P 140,000 while its fair value is equal to P 160,000.

2. Sold 4,000 of the treasury shares at P 17 per share.

3. Sold 5,000 of the treasury shares at P 13 per share.

4. Retired the remaining treasury shares.

Problem 1: Determine the total shareholders' equity at December 31, 2020, assuming that profit for the year was P 280,000 and cash dividends declared were P 200,000.

Reference no: EM132736608

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