Reference no: EM132718747
The Shareholders' Equity section of Laroy Corp. as of December 31, 2019, was as follows:
Ordinary Share Capital, P2 Par; authorized 20,000 shares;
Issued and outstanding 10,000 shares.................................................P20,000
Share Premium-Ordinary Shares................................................................30,000
Reatined Earnings..............................................................................................90,000
Problem 1: On March 1, 2020, the BOD declared a 10% share dividend, and accordingly 1,000 additional shares were issued. On March 1, 2020, the fair market value of the stock was P6 per share. For the 2 months ended February 28, 2020, Laroy sustained a net loss of P10,000. What amount should Laroy report as Retained Earnings as of March 1, 2020?
a. P74,000 b. P78,000 c. P84,000 d. P88,000
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