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How much is retained earnings after the quasi-reorganization

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Reference no: EM132545426

Refer to the balance of the following as of January 1, 2020. The entity underwent a quasi-reorganization and the following were effected. The par value of each share is P10 and that there were 230,000 outstanding shares.

  • Half of the treasury shares were sold at P12.80 each. The remaining half were retired.
  • An item of PPE with carrying amount of P800,000 is to be revalued to P860,000.
  • The goodwill of P100,000 is to be written off.
  • The par value of the shares is to be reduced by P2.
  • The deficit is to be eliminated firstly from the revaluation surplus and then from share premium.

Total Assets. 8,650,000

Total Liabilities 6,500,000

Share Premium- ordinary shares. 500,000

Treasury shares 250,000

Accumulated Deficit 600,000

Question 1. How much is the share capital after the quasi-reorganization?

Question 2. How many shares are issued before the quasi-reorganization?

Question 3. How much is the share premium after the quasi-reorganization?

Question 4. How much is the retained earnings after the quasi-reorganization?

Question 5. How much is the shareholders' equity after the quasi-reorganization?

Question 6. How much is the contributed capital after the quasi-reorganization?

Question 7. How much is the reserves after the quasi-reorganization?

Question 8. How much is the total assets after the quasi-reorganization?

Question 9. How much is the total deficit eliminated?

Question 10. How many shares are issued and outstanding?

Reference no: EM132545426

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