1. How much should be the correct debit to retained earnings for the property dividends upon declaration? a. 900,000 c. 1,100,000 b. 1,000,000 d. 1,200,000 2. How much is the totalet gain or loss to reported in the profit or loss in 2019 in relation to the Noncurrent asset held for sale under IFRS 5? a. None. c. 200,000 b. 300,000 d. 100,000 3. How much is the gain/loss to be recognized in the profit or loss in 2020 upon the settlement of the property dividends payable? a. None. c. 200,000 b. 300,000 d. 100,000 4. How much should be the correct debit to retained earnings for the share dividends? a. 1,340,000 c. 750,000 b. 1,260,000 d. 510,000 5. What is the correct amount to be credited to the share premium account as a result of the conversion of the preference shares to ordinary shares in item f? a. 250,000 c. 625,000 b. 125,000 d. 500,000 6. How much is the correct balance of the accumulated profits - unappropriated as of December 31, 2020? a. 3,230,000 c. 2,460,000 b. 3,160,000 d. 2,060,000

The following information has been taken from the Accumulated profits ledger accounts of Jen Corp. in connection with your audit of its financial statements as of and for the period ended December 31, 2020: a. Total net income since incorporation in 2019 $7,490,000 b. Total cash dividends paid since 2019 $(600,000) Carrying value of the company's equipment declared as property dividend in 2019 and distributed in 2020 $(1,200,000) d. d. Proceeds from sale of 10,000 reacquired shares in 2019 reissued in $300,000 2020 e. Aggregate par value of stock dividends declared and distributed in 2020 $(750,000) f. Par value of 10,000 preference shares which were converted to 25,000 ordinary $500,000 g . Appropriated for plant expansion $(700,000) h. Excess of proceeds from new shares issued over par $275,000 i. Share issuance expenses related to h. $50,000 Additional notes: The company reacquired 20,000 ordinary shares in 2019 at $40 per share. No other treasury share transactions except for item d. The equipment declared in c as dividends had the following fair values, cost to dispose is considered immaterial: Declaration date in 2019 $900,000 December 31, 2019 1,000,000 Payment date in 2020 1,100,000 The property dividends were recorded as follows: Declaration (2019): Accumulated Profits 1,200,000 Dividends Payable 1,200,000 Payments (2020): Dividends Payable 1,200,000 Equipment 1,200,000 The stock dividends distributed in e was based on a 15% share dividend. On the date of declaration the total ordinary shares issued was at 230,000 with 30,000 shares still in the treasury. The shares have a $25 par value. The market value of shares on the date of declaration was at $42 per share. The 10,000, $50 par value preference shares in f, converted into 25,000 ordinary shares were originally issued at $75 per share