Reference no: EM132938499
Question - The shareholders' equity section of Rosario, Inc. as at Dec. 31, 2016, is shown below:
Ordinary Shares, P20 par; 500,000 shares authorized; 200,000 shares issued and outstanding?P4,000,000
Share Premium?????????? 3,600,000
Retained Earnings????????? 5,700,000
??????????? P13,300,000
During the month of Jan. 2017, the following events occurred:
Jan. 12 ?The board of directors declared a 2-for-1 ordinary shares split. At the time of the split, the market price was P120 per share.
Jan. 20 ?A 5% share dividend was declared and issued by the board of directors. At the time of the declaration, the market price of the stock was P55 per share.
Jan. 22 ?The corporation repurchased 5,000 shares of its ordinary shares at P54 per share.
Jan. 28 ?The board of directors declared a cash dividend of P0.45 per share, payable on February 28.
Jan. 30 ?A 20% share dividend was declared and issued. At the time of the declaration, the market price of the stock was P52 per share.
Jan. 31 ?The profit for the month amounted to P360,000.
Required -
(1) Journalize the above transactions.
(2) Answer the following:
a. After the share split on Jan. 12, what was the balance in the number of outstanding ordinary shares?
b. After the share dividend on Jan. 20, what was the balance in the number of outstanding ordinary shares?
c. After the share dividend on Jan. 20, what's the balance in the retained earnings account?
d. After the repurchase of stocks on Jan. 22, what was the balance in the number of outstanding ordinary shares?
e. After the share dividend on Jan. 30, what was the balance in the number of outstanding ordinary shares?
f. What was the balance in the retained earnings account at the end of January?
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