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What amount of retained earnings should be appropriated

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Reference no: EM133098706

Question - Puregold Co. provided the following information:

Dividends on 30,000 cumulative preference shares of 9%, P50 par value have not been declared or paid for 4 years.

Treasury shares were acquired at a cost of P1,000,000. The treasury shares had not been reissued at year-end.

What amount of retained earnings should be appropriated?

Reference no: EM133098706

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