What is the balance of retained earnings restated

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Reference no: EM132784865

East Company prepared the balance sheet shown below in accordance with GAAP on December 31, 2003:-


Cash	P 480,000
Receivables Inventory	560,000
Inventory	680,000
Property, plant and equipment, net	1.340.000
	P3,060,000
Payables	P1,160,000
Common stock	1,200,000
Retained earnings	700.000
	P3,060,000

The cash, receivables, and payables originated when the index was 105. The inventory and plant assets were acquired when the index was 99. The common stock was issued when the index was 90. The index number on December 31, 2003 was 108.9.

problem 1: What is the balance of retained earnings restated to end-of-year constant peso?

(a) P902,000 (b) P645,543 (c) P650,000 (d) P700,000

Reference no: EM132784865

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