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What amount be reported un-appropriated retained earnings

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Question - Ho Company issued 220,000 shares of P5 par value at P10 per share. On January 1, 2020 the retained earnings amounted to P3,300,000. In March 2020, the entity reacquired 55,000 treasury shares at $20 per share. In June 2020, the entity sold 11,000 of these shares to corporate officers for $25 per share. The entity used the cost method to record treasury shares. Net income for the year ended December 31, 2020 was P660,000. On December 31, 2020, what amount should be reported un-appropriated retained earnings?

Reference no: EM133103056

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