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What amount should the reported as retained earnings

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Reference no: EM132508648

Gem company reported the following shares holder's equity on January 1, 2016 Share capital, P20 par, authorized 200,00 shares issued and outstanding 100,000 2,000,000

Share premium                3,000,000
Retained earnings          7,500,000

Question 1: On march 1, 2016 the board of directors declared a 15% share dividend, and accordingly 15,000 additional shares were issued. 0n march 1, 2016 the fair value of the share was P60. The entity sustained a net loss of 1,000,000 for the current year. What amount should the reported as retained earnings on December 31, 2016 .

  1. 5,600,000
  2. 6,200,000

Reference no: EM132508648

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