What is amount of retained earnings available for dividends

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Question - At the beginning of the current year, Flash Company had retained earnings of P4,000,000. During the year, the entity reported net income of P2,345,678, sold treasury shares at a "gain" of P720,000, declared a cash dividend of P1,200,000, and declared and issued a small share dividend of 60,000 shares with P10 par value when the fair value of the share was P22. What is the amount of retained earnings available for dividends at the end of the current year?

Reference no: EM133184761

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