Question

During 2020 the resources of Integrity Company increased by $10,000,000 while its obligations decreased by $5,000,000....

During 2020 the resources of Integrity Company increased by $10,000,000 while its obligations decreased by $5,000,000. During 2020 the Company Investors contributed $12,000,000 in exchange of shares, its revenue / gains exceeded expenses / losses by $4,000,000, and it made distributions to its investors. Required: Compute the Company’s Dividends in 2020.

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Integrity Company
Amount ($)
Contribution received (in exchange of shares) 12000000.00
Gains exceeeding losses 4000000.00
Total Equity should have been (A) 16000000.00
Increase in resources 10000000.00
Decrease in obligations 5000000.00
Actual at year-end (B) 15000000.00
Dividend in year 2020 (A-B) 1000000.00

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