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What is the total shareholders equity on december

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Question - Balang Company reported the following shareholders' equity on January 1, 2018: Preference share, 100,000 shares, P10 par 1,000,000 Ordinary shares capital 5,000,000 Share Premium - Preference 50,000 Share Premium - Ordinary 200,000 Retained Earnings 100,000 During the current year, the following transaction were completed:

a. Reacquisition of 5,000 preference shares at P11 per share.

b. Purchase of 5,000 ordinary shares of treasury at P12 per share.

c. Sold ordinary shares of treasury at P8 per share.

d. Net income for the year, P3,000,000. e. Declared 10% cash dividends for ordinary shareholders.

Required - What is the total shareholders' equity on December 31, 2018?

Reference no: EM133169383

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