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What amount should be reported as retained earnings

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Question - At the current year end, Spurs Corporation declared 4,000 ordinary shares of P 100 par value in connection with a share capital dividend. The market value per share on the date of declaration was P 150. The shareholder's equity accounts immediately before issuance of the share capital dividend shares were as follows:

Ordinary share capital, P100 par, 50,000 shares authorized, 20,000 shares outstanding - P2,000,000

Ordinary Share premium - P3,000,000

Retained earnings - P1,500,000

What amount should be reported as retained earnings immediately after the share capital dividend?

a. P1,500,000

b. P1,100,000

c. P900,000

d. P2,100,000

Reference no: EM133038123

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