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What should be the current balance of retained earnings

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Reference no: EM132946075

The following information was taken from the accounts of JT Corp at year end:

Total income since incorporation P900,000

Total cash dividends paid P260,000

Proceeds from sale of donated shares P 90,000

Total value of share dividends distributed P60,000

Excess of proceeds over cost of treasury stocks sold P140,000

Problem 1: What should be the current balance of retained earnings?

a. P580,000

b. P520,000

c. P720,000

d. P780,000

Reference no: EM132946075

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