Reference no: EM132908960
Question - ABC Corporation was established in 2018. Of the 200,000 total authorized shares, 150,000 were issued and outstanding. The following were the transactions:
a. 100,000 ordinary shares, 50 par value, issued at P100 per share.
b. 50,000 preference shares, 30 par value, issued at P120.
c. Retained Earmings at the end of 2019 amounted to P50,000,000.
d. Total Epenses for the year were P5,000,000 while revenues were P20,000,000.
e. Dividends declared were P5,000,000.
Required - Prepare shareholders equity section of the Balance sheet.
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