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What amount should milan report as accumulated profits

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Reference no: EM132740119

Total income since incorporation                       P420,000

Total cash dividends paid                                  130,000

Total value of property dividends distributed       30,000

Excess of proceeds over cost of treasury shares sold 110,000

Problem 1: In its December 31, 2014 financial position, what amount should Milan report as Accumulated Profits?

Option 1: P260,000
Option 2: P400,000
Option 3: P370,000
Option 4: P290,000

Reference no: EM132740119

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