10% preference shares, cumulative and participating, P250 par, authorized shares, 20,000 shares issued and outstanding. B.) Paolo Corp. has the following selected accounts in its stockholders' equity section: 40,000 Ordinary shares, P150 par, authorized 100,000 shares, 60,000 shares issued and outstanding Share premium - ordinary shares Share premium - preference shares Treasury shares-ordinary shares (2,000 shares) Treasury shares-preference (1,000 shares Retained earnings 600,000 400,000 300,000 200,000 1.5 million The board failed to declare/paid dividends for the past three years. The current year's result of operations gave the board reasons to declare cash dividends based on net income amount. The company had income tax payable (30%) of company maintains a dividend pay out ratio is 60%. P2.1 million. The Share prefer uc Ordinary Share s