WHAT IS THE RESTATED BALANCE OF RETAINED EARNINGS?
Extracted text: Statement of Changes in Equity. The following balances were taken from the December 31, 2020 financial statements of PATRICK STAR, Inc.: Ordinary share capital, P100 par P 5,500,000 Reserves 3,500,000 Retained earnings, unappropriated Treasury shares, at cost 4,250,000 (. 450,000 ) P 13,700,000 The following transactions happened during 2021: • PATRICK STAR discovered that it had failed to record its annual depreciation expense for 2018 amounting to P35,000. • 35,000 additional ordinary shares were issued at a price of P120 per share. • 2,500 of its 3,000 treasury shares were reissued at P200. • Profit during the year was P2,500,000. • Unrealized gain on FVOCI investments, post-tax, was P175,000