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What is the retained earnings balance on January

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Question - On December 31, 2019, Melissa Company showed shareholders' equity of P5,000,000.

The share capital of P3,000,000 remained unchanged during the year. The transactions which affected the equity were:

An adjustment of retained earnings for 2018 over-depreciation 100,000

Gain on sale of treasury sales 300,000

Dividend declared, of which P400,000 was paid 600,000

Net income for the current year 800,000

Required - What is the retained earnings balance on January 1, 2019?

a. 1,400,000

b. 1,700,000

c. 1,200,000

d. 1,600,000

Reference no: EM132609227

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