1. The following information were taken from the records of LEO CO. for the year ended December 31, 2021:

Ordinary shares (50 stated value) P2,000,000

Share premium 400,000

Retained Earnings 250,000

Treasury shares (at cost P40) 45,000

* How much is the book value per share of LEO CO. as at 12/31/2021? Answer pattern: 10 (round off your answer to nearest one)

2. On December 1, 20x1, Buscaino Corp. received donation of 20,000 ordinary shares with P100 par value from Mr. A, shareholders of the entity. On December 5, 20x1, the donated shares were subsequently sold for P2,400,000. How much will be the increase in total equity as of December 1, 20x1?