Reference no: EM132829281
The shareholders' equity section of ABC Corporation as of Dec. 31, 2020, contained the ff. accounts:
Ordinary share capital, 25,000 shares authorized, 10,000 shares outstanding P30,000
Paid in capital in excess of par 40,000
Retained earnings 80,000
Problem 1: On January 1 ,2021, ABC Corporation issued 5,000 ordinary shares for P 15 and the board of directors declared a 10% bonus issue on April 1, 2021, when the market value of the share was P 20 per share. Assuming ABC sustained a net loss of P 5,000 for the quarter ended March 31, 2020 and has appropriated 10% of the retained earnings for their upcoming project, what amount shall be reported as retained earnings as of April 1, 2021?
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