Problem 23-17 (IAA) January 1, 2020 an Share premium Retained earnings Elvis Company reported the following shareholders

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Problem 23 17 Iaa January 1 2020 An Share Premium Retained Earnings Elvis Company Reported The Following Shareholders 1 (36.19 KiB) Viewed 41 times

Problem 23-17 (IAA) January 1, 2020 an Share premium Retained earnings Elvis Company reported the following shareholders equity Share capital, P5 par, 200,000 shares outstanding 1.000.000 6.000.000 2.800.000 During the current year, the following chronological transactions affected shareholders' equity: • Reacquired 10,000 shares at P30 per share to be held as • Declared and issued a 30% share dividend. • Declared and paid cash dividend of P10 per share. Net income for 2020 amounted to P3,000,000. What amount should be reported as u retained earnings on December 31, 2020? treasury, a. 2,745,000 b. 3,045,000 C. 2,700,000 d. 2,600,000