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What is the unappropriated retained earnings balance on dec

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Reference no: EM132737993

During 2018, Kandong completed the following transactions:

Jan. 10 Issued an additional 50,000 ordinary shares for P17 per share.

Apr. 2 Issued 75,000 preference shares for P8 per share.

July 21 Authorized the acquisition of a custom-made machine to be delivered in January 2019. Kandong appropriated P147,500 of retained earnings for the purchase of the machine.

Oct. 25 Issued an additional 25,000 preference shares for P9 per share.

Dec. 31 Reported P607,500 of net income and declared a dividend of P317,500 to shareholders of record on January 31, 2019, to be paid on February 4, 2019.

Problem 1: What is the unappropriated retained earnings balance on December 31, 2018?

Reference no: EM132737993

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