Reference no: EM132745410
The equity section of Gunkel Corporation as of December 31, 2015 was as follows:
Share capital - ordinary, par value P2; authorized 20,000 shares
Issued and outstanding 10,000 shares P 20,000
Share premium - ordinary 30,000
Retained Earnings 75,000
P 125,000
Problem 1: On March 1, 2016, the board of directors declared a 15% share dividend, and accordingly 1,500 additional shares were issued. On March 1, 2016, the fair value of the share was P6 per share. For the two months ended February 28, 2016, Gunkel sustained a net loss of P 10,000. What amount should Gunkel report as retained earnings as of March 1, 2016?
a. P 56,000 c. P 69,000
b. P 65,000 d. P 72,000
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