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What amount of retained earnings should be appropriated

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Reference no: EM132837842

The following information pertains to SONOKO Company:

  1. Dividends on 10% 50,000 cumulative preference shares with P100 par value have not been declared or paid for 3 years
  2. Treasury ordinary shares were acquired at a cost of P1,000,000 during the year. The treasury shares had not been reissued as at year-end
  3. At year-end, the entity appropriated P2,000,000 of retained earnings for the construction of a new plant
  4. Also, P3,500,000 of cash was restricted for the retirement of bonds payable due in the next year

Problem 1: What amount of retained earnings should be appropriated as a result of these items?

Reference no: EM132837842

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