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Determine the closing retained earnings

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Reference no: EM133159227

Question - Despacito Corp. has completed its current year ?nancial statements which reveal, in part, the following information:

Opening equity balances - share capital P300,000, retained earnings, P220000, asset revaluation surplus, P60,000.

Total comprehensive income - P130000.

Other comprehensive income - P 20,000.

Dividends paid - P35,000

No more share capital was issued during the reporting period.

Required - Determine the closing retained earnings?

Reference no: EM133159227

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