Reference no: EM133186350
Question - Lauretta Company reported the following shareholders' equity on January 1, 2021:
Share Capital 1,500,000
Share premium 3,000,000
Retained earnings 2,000,000
The entity had 400,000 authorized shares of P5 par value, of which 300,000 shares were issued and outstanding.
On March 1, 2021, the entity acquired 50,000 shares for P11 per share to be held as treasury. The shares were originally issued at P8 per share. The entity used the cost method to account for treasury shares.
On December 31, 2021, the entity declared and distributed a property dividend of inventory.
The inventory had a P750,000 carrying amount and a P1,100,000 fair value. The net income for 2021 was P2,500,000.
What amount should be reported as unappropriated retained earnings on December 31, 2021?
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