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What is the balance of unappropriated retained earnings

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Reference no: EM132792084

Question - 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 shareholders 500,000

Change in accounting policy from FIFO to average - credit adjustment 150,000

Required - What is the balance of unappropriated retained earnings on December 31, 2016?

a. 1,950,000

b. 1,150,000

c. 1,350,000

d. 1,750,000

Reference no: EM132792084

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