The following information pertains to Imperial Corp. • No dividend declaration or payment for 3 years on its 2,000 shares of 6%, P30 par value cumulative preference shares. • Gain on disposal of...


The following information pertains to Imperial Corp.<br>• No dividend declaration or payment for 3 years on its 2,000 shares of 6%,<br>P30 par value cumulative preference shares.<br>• Gain on disposal of Imperial's Cebu Division of P90,000.<br>• Treasury shares costing P100,000 reissued for P30,000.<br>What amount of retained earnings should be restricted as a result of these<br>items?<br>O P70,000<br>O P10,000<br>O PO<br>O P90,000<br>

Extracted text: The following information pertains to Imperial Corp. • No dividend declaration or payment for 3 years on its 2,000 shares of 6%, P30 par value cumulative preference shares. • Gain on disposal of Imperial's Cebu Division of P90,000. • Treasury shares costing P100,000 reissued for P30,000. What amount of retained earnings should be restricted as a result of these items? O P70,000 O P10,000 O PO O P90,000

Jun 10, 2022
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