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What profit for john llyod cruz corporation

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Reference no: EM132899873

The following data are extracted for the shareholder's equity of of the statement of finacial position of John Llyod Cruz Corporation:

12/31/2019:

Ordinary Shares, P2 par value P1,000,000

Share Premium 500,000

Retained Earnings 1,000,000

12/31/2020:

Ordinary Shares, P2 par value P1,020,000

Share Premium 580,000

Retained Earnings 1,046,000

Problem 1: During 2020, the corporation declared and paid cash dividends of P150,000 and also declared and issued a share dividend. There were no other changes in shares issued and outstanding during 2020. Profit for 2020 was

A. P46,000

B. P196,000

C. P216,000

D. P296,000

Reference no: EM132899873

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