Reference no: EM132740042
The shareholders' equity of Milan Corporation showed the following data on December 31, 2009:
12% Preference share capital, P30 par, 135,000 shares issued and outstanding P4,050,000
Ordinary share capital, P50 par, 180,000 shares issued and outstanding 9,000,000
Share premium - preference1,080,000
Share premium - ordinary3,240,000
Retained earnings 1,395,000
The 2010 transactions of the company affecting its equity are summarized chronologically as follows:
- Issued 27,000 preference shares at P40.
- Issued 94,500 ordinary shares at P70.
- Retired 5,400 preference shares at P45.
- Purchased 13,500 ordinary shares at P80.
- Split ordinary share two for one (par value reduced to P25).
- Reissued 13,500 treasury shares at P50.
- Shareholders donated to the company 9,000 ordinary shares when shares had a market price of P52. One half of these shares were subsequently issued for P54.
- Dividends were paid at the end of the calendar year on the ordinary shares at P2 per share and on the preference shares at the preference rate.
- Profit for the year was P2,520,000.
Problem 1: How much is the unappropriated retained earnings as of December 31, 2010?
Option 1: 1,749,240
Option 2: 1,684,440
Option 3: 2,251,440
Option 4: 1,711,440
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