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What amount shall reported as retained earnings as of April

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Question - 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

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?

Reference no: EM132895143

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