Reference no: EM132946068
Murphy Company reported the following shareholders' equity on January 1, 2020:
Preference share capital, 100,000shares, P10 par - P1,000,000
Ordinary share capital, 500,000shares, P10 par - P5,000,000
Share premium - Preference - P50,000
Share premium - Ordinary - P 200,000
Retained earnings - P100,000
During the current year, the following transactions were completed:
Retirement of 5,000 preference shares at P11 per share.
Purchase of 5,000 ordinary shares of treasury at P12 per share.
Share split, ordinary share, 2-for-1.
Reissue of 2,000 shares of treasury at P8 per share.
Net income for the year, P300,000.
Problem 1: What is the total shareholders' equity on December 31, 2020?
a. P6,350,000
b. P6,551,000
c. P6,556,000
d. P6,251,000
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