Reference no: EM132740100
Problem 1: On January 1, 2016, Milan Company reported share capital P20 par P2,000,000, share premium P1,000,000 and retained earnings P3,500,000. The entity used the cost method of accounting for treasury shares. During 2016, the entity acquired 20,000 treasury shares for P600,000, sold 15,000 treasury shares at P25 per share and declared the remaining treasury shares as dividends when the fair value of the share is P40. Net income for 2016 was P1,500,000. What amount should be reported as retained earnings on December 31, 2016?
Option 1: 4,800,000
Option 2: 4,925,000
Option 3: 4,775,000
Option 4: 4,725,000
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