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What is the amount of legal capital for abc corporation

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Problem 1: On December 31, 2019 ABC Corporation has 100,000 P100 par value ordinary shares outstanding, Share Premium P2,000,000 and Retained Earnings P10,000,000. If in 2020, the entity reported P5,000,000 profit, declared a 2-for-1 share split and followed by 100% share dividend, what is the amount of legal capital in 2020?

a. P5,000,000
b. P10,000,000
c. P20,000,000
d. P40,000,000

Reference no: EM132804005

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