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What amount be reported as unappropriated retained earnings

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Reference no: EM133123864

Question - At the beginning of current year, Cash Company reported the following shareholders' equity:

Share capital, P5 par 600,000 shares authorized, 200.000 shares issued and outstanding 1,000,000

Share premium 6,000,000

Retained earnings 2,800,000

Total shareholders' equity 9,800,000

During the current year, the following chronological transactions affected shareholders' equity:

- Reacquired 10,000 shares at P30 per share to be held as treasury.

- Declared and issued a 30% share dividend.

- Declared and paid cash dividend of P10 per share.

- Net income for the current year amounted to P3,000,000.

Required - What amount should be reported as unappropriated retained earnings at year-end?

Reference no: EM133123864

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