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What is the balance of retained earnings on december

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Reference no: EM133186345

Question - Kiara Company provided the following data:

12/31/2020 12/31/2021

Share capital (P100 par value) 5,000,000 5,111,000

Share premium 2,500,000 2,900,999

Retained earnings 5,000,000 ?

During 2021, the entity declared and paid cash dividend of P750,000 and also declared and issued a share dividend.

There were no other changes in shares issued and outstanding during 2021.

The net income for 2021 was P1,500,000.

What is the balance of retained earnings on December 31, 2021?

Reference no: EM133186345

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