Reference no: EM132765998
The capital accounts of Dr. Romantic, Inc. on December 31, 2019 were as follows:
Preference Share Capital, P20 par, 20,000 shares- P400,000
Preference Share Premium - P160,000
Ordinary Share Capital, P80 par, 50,000 shares- P4,000,000
Ordinary Share Premium- P600,000
Retained Earnings- P360,000
During the year ending December 31, 2020, the following summarizes the transactions affecting the shareholders' equity:
April 30: 1,000 preference shares were retired at P25 per share.
June 15: 2,000 treasury shares were purchased at P85 per share.
June 30: A 2-for-1 share split of the company's ordinary share was declared.
July 31: 800 treasury shares were reissued at P50 per share.
Dec. 31: Profit for 2020 was P900,000.
Problem 1: What was the total shareholders' equity on December 31, 2020?
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