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Isuzu Company provided the following data as of January 1, 2028: • 6% Preference share-10,000 shares,...

Isuzu Company provided the following data as of January 1, 2028:
• 6% Preference share-10,000 shares, par 200 2,000,000
• Ordinary share-50,000 shares, par P100 5,000,000
• Share Premium-Preferred 400,000
• Share Premium-Ordinary 1,000,000
• Accumulated Profits/Retained Earnings 4,000,000

Transactions during 2028 were as follows:
• Issued 10,000 ordinary shares at P100 per share for cash considerations
• Purchased 2,500 treasury shares (Ordinary) at P110 per share
• Declared share split ordinary share, 2 for 1
• Reissued 1,500 treasury shares (Ordinary) for P90 per share
• Shareholders donated 5,000 corporation’s owned ordinary shares to the corporation.
• Subsequently 3,000 donated shares were reissued at P40 per share.
• Net income for the year was P 1,600,000. (Close to Accumulated Profits/ Retained Earnings)
• Appropriated Accumulated Profits equal to the cost of treasury shares.

Required:
1. Prepare the journal entries
2. Present the total shareholder’s equity on December 31,2028

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ekkarill92 answered 2 months ago
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