7. At the beginning of the current year, JoshuaSalom Company was organized and authorized to...
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7. At the beginning of the current year, JoshuaSalom Company was organized and authorized to issue 100,000 shares with P50 par value. During the current year, the entity had the following transactions relating to shareholders' equity:
a. Issued 10,000 shares at P70 per share
b. Issued 20,000 shares at P80 per share
c. Reported net income of P1,000,000
d. Paid dividends of P200,000
e. Purchased 3,000 treasury shares at P100 per share.
What amount should be reported as share capital at year-end? Choices: (3,300,000 ; 1,500,000; 1,800,000; 1,200,000)
*Explanations and solutions are much appreciated. Thank you!
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