Reference no: EM132642714
Mirr Company was incorporated on January 1, 2017, with proceeds from the issuance of P7,500,000 in stock and borrowed funds of P1,100,000. During the first year of operation, revenues from sales and consulting amounted to PS,200,000, and operating costs and expenses totaled P6,400,000. On December 15, Mirr declared a P300,000 dividend, payable to stockholders on January 15, 2014. No additional activities affected owners' equity in 2017. Mirr's liabilities increased to P2,000,000 by December 31, 2017.
Problem 1: On Mirr's December 31, 2017 balance sheet, total assets should be reported at
a. 11,000,000
b. 11,300,000
c. 10,100,000
d. 12,100.000
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