Reference no: EM132488522
Question - Elvis Company reported the following shareholders' equity on January 1, 2017:
Share capital, P5 par; 600,000 shares authorized
200,000 shares issued and outstanding 1,000,000
Share premium 6,000,000
Retained earnings 2,800,000
On January 31, 2017, the entity reacquired 10,000 shares at P30 per share to be held as treasury. On July 1, 2017, the entity declared and issued a 30% stock dividend.
On December 31, 2017, the entity declared and paid cash dividend of P10 per share. The net income for the current year was P3,000,000.
What is the unappropriated balance of retained earnings on December 31, 2017?
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