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How much was the retained earnings at end if the fifth year

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Reference no: EM132888784

Eric Corporation was organized early in Year 1. Authorization was obtained to issue 100,000 shares of P10 par value ordinary share capital and 20,000 shares of P100 par, 10% cumulative preference share capital. All the preference shares were issued at par and 80,000 ordinary shares were sold for P15 per share. During the first five year of operations, the corporation earned a total of P 3,600,000 and paid annual dividends of P2 per ordinary share.

Question 1: How much was the retained earnings at the end if the fifth year?

Question 2: How much was the total shareholders' equity at the end of the fifth year?

Reference no: EM132888784

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