Samantha Corporation provided the following data: Dec...
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Accounting
Samantha Corporation provided the following data:
|
| Dec 31, 2019 | Dec 31, 2020 |
| Share Capital (100 par) | 5,000,000 | 5,100,000 |
| Share Premium | 2,500,000 | 2,900,000 |
| Accumulated Profits | 5,000,000 | ? |
During 2020, the entity declared and paid cash dividends of 750,000 and also declared and issued a share dividend. There were no other changes in shares issued and outstanding in 2019 aside from the share dividend distribution. The net income for 2020 is 1,500,000. How much is the balance of Accumulated Profits on December 31, 2020?
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