Reference no: EM132878901
Question - Presented below is the shareholders' equity of Lee Min Ho (LMH) Company on January 1, 2020.
Share capital, par value P20 authorized 50,000 shares; issued and outstanding, 30,000 shares 600,000
Share premium 150,000
Retained Earnings 230,000
During 2020, the following transactions occurred relating to shareholders' equity:
- 1,000 shares were reacquired at P28 per share
- 900 shares were reacquired at P30 per share
- 1,500 shares of treasury were sold at P32 per share
For the year ended December 31, 2020, LMH reported net income of P110,000.
Required - What should be reported as total shareholders' equity on December 31, 2020?
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