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What is the shareholders equity

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Question - Gaston company has sustained heacy losses over a period of time and conditions warrant that the entity should be undergo a quasi-reorganization on December 31, 2016

Inventory with cost of 6,500,000 was recorded on December 31, 2016 at the market value of P6,000,000

Property, plant and equipment were recorded on depreciation. The sound value was P8,000,000.

On December 31, 2016 , the share capital; is 7,000,00 consisting of 700,000 shares with par value of P10, the share premium is P1,600,00 and the deficit in retained earnings is 900,000.

The par value of share is to be reduced from P10 to P5.

Immediately after the quasi-reorganization, what is the shareholder's equity?

a. 3,300,000

b. 3,500,000

c. 3,700,000

d. 4,200,000

Reference no: EM132488542

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