Retained Earnings Seatwork

The Accumulated Profits accounts of An Tok Corp. shows the ff debits and credits for the year 2019:

Unappropriated Accumulated Profit

Date Particulars Debit Credit Balance
Jan 1 Balance P 565 500.00
a Gain on life insurance policy settlement 50 000.00 615 500.00
b Write off intangibles (goodwill) 30 000.00 585 500.00
c Effect of a change in accounting principle (from FIFO to 100 000.00 685 500.00
weighted average)
d Loss on sale of treasury stock (APIC from treasury stock 20 000.00 665 500.00
transaction is enough to cover the loss)
e 10% stock dividends on 100, 000, P10 par vale shares issued 100 000.00 565 500.00
and outstanding (FMV at the same date at P12.50)
f 2018 unaccrued employee compensation 160 000.00 405 500.00
g Premium on ordinary shares issued 65 000.00 470 500.00
h Stock issuance expenses related to ordinary share issued 5 000.00 465 500.00
above
i Defaults on ordinary share subscription 15 000.00 480 500.00
j Loss on sale of equipment 25 000.00 455 500.00
k Gain on retirement of preference shares at less than issue 35 000.00 490 500.00
price
L Gain on early retirement of bonds 12 500.00 503 000.00
M Correction of prior period error 45 000.00 548 000.00
N Cash dividends payable 75 000.00 473 000.00
O Inventory loss from flood 10 500.00 462 500.00
P Proceeds from sale of donated stocks 37 500.00 500 000.00
Q Revaluation increase in land 150 000.00 650 000.00
R Appropriations for plant expansion 100 000.00 550 000.00
S Net income for the period 175 000.00 725 000.00
Required:

1. Adjusted Net Income

2. Correct Unapproriated RE restated beginning balance
3. Correct Unappropriated RE ending balance