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What is the total shareholders equity on December

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Question - 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.

Required - 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

Reference no: EM133047563

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