20.
On December 31, 2020, the balance sheet of Legend Corporation shows a total equity of P1,260,000. During 2020, the shareholders’ equity was affected by:
Adjustment to retained earnings for the overstatement of 2019 net income
P17,500
Cash dividend declared and paid in 2020
10%
Net income of 2020
P65,000
The share capital of P1,000,000 remained unchanged during the year.
What is the balance of retained earnings on January 1, 2020?
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