Reference no: EM133190070
Question - Bergs Company reported an unadjusted profit of P1,500,000 for the year 2021. The following items have not been considered in this amount:
Dividends in arrears (3 years), cumulative preference shares- P750,000
Overstated Ending Inventory, 2020- P20,000
Understated Depreciation Expense, 2020- P15,000
Understated Ending Inventory, 2021- P30,000
Overstated Depreciation Expense, 2021- P20,000
The entity had 300,000 ordinary shares of P1 par value outstanding on January 1, 2021. The following transactions occurred during the current year:
Jan. 1- Issued at P5 per share, P1 paid to date and entitled to participate in dividends to the extent paid- P25,000
Apr. 1- Issued shares at full market price of P3 per share- P60,000
Jul. 1- Purchased own shares at P3.50 per share- P40,000
Required - What amount should be reported as Basic Earnings Per Share? Ignore tax implications.
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