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How much is the balance of Accumulated Profits on December

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Reference no: EM132942744

Question - JSDC Corporation provided the following data: Dec. 31, 2019 Dec. 31, 2020

Share Capital (100 par) 5,000,000 5,100,000

Share Premium 2,500,000 2,900,000

Accumulated Profits 5,000,000 ?

During 2020, the entity declared and paid cash dividends of 750,000 and also declared and issued a share dividend. There were no other changes in shares issued and outstanding in 2019 aside from the share dividend distribution. The net income for 2020 is 1,500,000. How much is the balance of Accumulated Profits on December 31, 2020?

Reference no: EM132942744

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