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What amount should reported as total assets as of December

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Question - On January 1, 2020, A Company was incorporated. Total share capital from initial investors amounted to P8,000,000. In addition, the company borrowed P2,000,000 from a local bank for operating needs.

During 2020, the company had a net income of P1,820,000 and paid a cash dividend of P600,000 to shareholders of record on December 31, 2020.

At end of 2020, the company's liabilities amounted to P2.200.000.

What amount should be reported as total assets as of December 31, 2020?

Reference no: EM133075146

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