Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, puroland corporation was incorporate

On January 1, Puroland Corporation was incorporated, with 100,000 authorized ordinaryshares of 100 par value....

80.2K

Verified Solution

Question

Accounting

On January 1, Puroland Corporation was incorporated, with 100,000 authorized ordinaryshares of 100 par value. On the same date, 50,000 shares were sold and issued at 110 per share. On May 14, the corporation reacquired 800 ordinary shares at 120 per share. On September 16, 500 treasury shares were sold at 110. At the end of the year, the corporation realized a net income of 950,000. Out of unrestricted retained earnings, cash dividend of 300,000 was paid and 150,000 was appropriated for contingencies. How much is total shareholders equity as of December 31?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students