How much is the total share premium as of December

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Reference no: EM132770123

Question - The shareholders' equity of Kawawang Cowboy Like Me, Inc. showed the following data on December 31, 2019:

The 2020 transactions of the company affecting its equity are summarized chronologically as follows:

1. Issued 27,000 preference shares at P40.

2. Issued 94,500 ordinary shares at P70.

3. Retired 5,400 preference shares at 45.

4. Purchased 13,500 ordinary shares at P80.

5. Split ordinary share two for one.

6. Reissued 13,500 treasury shares at P50.

7. Shareholders donated to the company 9,000 ordinary shares when shares had a market price of P52. One half of these shares were subsequently issued for P54.

8. Each shareholder was issued one right for each share held to purchase one additional share for P37 per share.

9. 250,000 rights were exercised when the market value of the share was P55 per share.

10. Dividends were paid at the end of the calendar year on the ordinary shares at P2 per share and on the preference shares at the preference rate.

11. Profit for the year was P2,520,000.

Based on the information above, answer the following:

1. The journal entry to record the retirement of preference shares includes a debit to Retained earnings amounting to:

2. The journal entry to record the share split includes a credit to Ordinary share capital amounting to:

3. The journal entry to record the receipt of the donated shares from the shareholders includes a credit to Share premium - Donated capital amounting to:

4. The journal entry to record the issuance of share rights includes a credit to Share premium - ordinary amounting to:

5. How many ordinary shares are issued and outstanding on the date of the dividend declaration?

6. What is the balance of the Preference share capital account as of December 31, 2020?

7. What is the balance of the Ordinary share capital account as of December 31, 2020?

8. How much is the total share premium as of December 31, 2020?

9. How much is the total unappropriated retained earnings as of December 31, 2020?

10. How much is the total shareholders' equity as of December 31, 2020?

Reference no: EM132770123

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