The shareholders of CFAS Company approved a three-for-one share split and an increase in authorized...
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Accounting
The shareholders of CFAS Company approved a three-for-one share split and an increase in authorized shares from 300 000 shares with P15 par value to 900,000 shares with P5 par value. The shareholders" equity accounts immediately before the split shares wore share capital P2,250,000, share premium P1,150,000 and retained earnings P2,640,000.
1. What is the balance of the share premium after the share split is effected?
2. What is the balance of the retained earnings after the share split is affected?
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