Reference no: EM132794637
Kat Company provided the following data for the current year:
Retained Earnings - unappropriated, January 1 2,000,000;
Overdepreciation of prior year net of tax 400,000;
Net income for current year 4,000,000;
Retained earnings appropriated for Treasury Shares (original balance Is P500,000 reduced by P200,000 by reason of reissuance) 300,000;
Retained earnings appropriated for contingencies (beginning balance, P700,000 increased by current appropriation of P100,000) 800,000;
Cash dividends paid to shareholders 1,000,000; and
Change in accounting policy from FIFO to weighted average method - debit adjustment net of tax 300,000.
Question 1: What amount should be reported as unappropriated retained earnings on December 31?
Option 1: 6,000,000
Option 2: 5,200,000
Option 3: 4,800,000
Option 4: 5,100,000
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