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What is the balance of retained earnings on january

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Question - An entity reported shareholders' equity of P8,000,000 on December 31. The entity revealed the following transactions during the current year:

An adjustment of retained earnings for prior year underdepreciation P300,000

Gain on sale of treasury shares 500,000

Dividend declared, of which P500,000 was paid 1,500,000

Net income for current year 3,000,000

The share capital balance of P5,000,000 remained unchanged during the year, What is the balance of retained earnings on January 1?

a. P1,300,000

b. P2,500,000

c. P1,700,000

d. P7,000,000

Reference no: EM133171401

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