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What amount reported as unappropriated retained earnings

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Reference no: EM133111409

Question - Jones Company reported the following shareholders' equity on January 1, 2020:

Share capital, P5 par, 600,000 shares authorized, 200,000 shares issued and outstanding, P1,000,000

Share premium, P6,000,000

Retained Earnings, P2,800,000

Total shareholders' equity, P9,8000.

During the current year, the following chronological transactions affected shareholders' equity.

The entity reacquired 10,000 shares at P30 per share to be held as a treasury.

Declared and issued a 30% share dividend.

Declared and paid cash dividend of P10 per share.

Net income for the current year amounted to P3,000,000

Required - What amount should be reported as unappropriated retained earnings at year-end?

Reference no: EM133111409

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