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How much are the retained earnings at year-end

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Reference no: EM133115376

Question - Compute and give the correct amount.

Lupita Corporation's Shareholder's equity for January 1, 2020:

Issued shares 20,000

Par value 50

Share capital 1,000,000

Share premium 750,000

Retained earnings 1,975,000

Total P3,725,500

During the year, the following transactions occur:

Acquired 5,000 of its shares for 68.5 per share.

Reissued shares of 3,000 for an amount of 75 per share.

Reissued shares of 2,000 for an amount of 58 per share.

Net income is P897,250.

Cash dividends declared is P500,000.

Required - How much are the retained earnings at year-end?

Reference no: EM133115376

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