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The following information pertains to Taylor Corporation:
- Dividends on its 2,000 shares of 12%, P 15 par cumulative preference shares have not been declared or paid for two years.
- Treasury shares that cost P 35,000 was reissued for P 23,000.
What amount of retained earnings should be appropriated as a result of these items?
a. P 35,000
b. P 12,000
c. P 23,000
d. P 0
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