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What amount of retained earnings should be appropriated

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Reference no: EM133068959

Question - The following information pertains to IRON MAN Company:

A. Dividends on its 50,000 shares of 10%, $100 par value cumulative preference share capital have not been declared or paid for 3 years.

B. Treasury ordinary shares were acquired at a cost of P1,000,000 during the year. The treasury share had not been reissued as of year-end.

C. At year-end, IRON MAN appropriated P3,000,000 of retained earnings for the construction of a new plant.

D. Also, P2,000,000 of cash was restricted for the retirement of bonds payable due in the next year.

What amount of retained earnings should be appropriated as a result of the given transactions?

Reference no: EM133068959

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