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How much is the amount of Retained earnings at year-end

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Reference no: EM133151005

Question - The beginning balance Shareholders' equity section of Colombia Company:

No. of shares 100,000

Par value P10

Share capital P 1,000,000

Share premium 1,500,000

Retained earnings 1,275,200

Total Shareholders' equity P3,775,200

Transactions during the year:

1st Quarter: Declared and issued 20,000 share dividends when the market value per share is P18.50.

2nd Quarter: Declared and issued 20,000 share dividends when the market value per share is P19.75.

3rd Quarter: Declared 10,000 shares of Aruba Company when the market value per share is P12.85 while the cost per share is P10. The market value per share at the year-end of Aruba Company is P13.15 and on the date of payment is P13.75. The payment is made 1st quarter next year.

Net income is P800,000 after all dividends transactions were made.

Required - How much is the amount of Retained earnings at year-end?

Reference no: EM133151005

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