Reference no: EM132740145
Milan Company provided the following data for the year ended December 31, 2016:
Retained earnings unappropriated, January 1200,000
Over-depreciation of 2015 due to prior period error 100,000
Net income for 2016 1,300,000
Retained earnings appropriated for treasury shares (original balance is P500,000 but reduced by P200,000 by reason of reissuance of the treasury shares) 300,000
Retained earnings appropriated for contingencies (beginning balance P700,000, but increased by current appropriation of P100,000) 800,000
Cash dividends paid to shareholders500,000Change in accounting policy from FIFO to average - credit adjustment 150,000
Problem 1: What is the balance of unappropriated retained earnings on December 31, 2016?
Option 1: 1,950,000
Option 2: 1,150,000
Option 3: 1,350,000
Option 4: 1,750,000
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