19. If the residual interest of Grand Service Company is P180, 000 which is 2/3 of the total economic resources, what would be the amount of its economic obligation?

a. P90, 000

b. P450, 000

c. P270, 000

d. P180, 000

24. ARIBA purchased merchandise from his supplier with list price of P50,000 and invoice price of P35,000. The purchase is subject to 2% discount if paid within 10 days. The entry to record payment within the discount period is

a. DR. Accounts payable 34,300 CR. Cash 34,300

b. Accounts payable 49,000 Cash 49,000

c. DR. Accounts payable 50,000 CR. Purchase discount 1,000 CR. Cash 49,000

d. DR. Accounts payable 35,000 CR. Purchase discount 700 CR. Cash 34,300

36. BALANAR Co. has the following information relating to its shareholders equity as of January 1, 2021.

Share capital, 200,000 authorized, P50 par value, 150,000 shares issued, 10,000 held in treasury P7,500,000

Share premium ordinary 600,000

Retained earnings 2,000,000

Treasury shares, at cost 550,000

The following events transpired in 2021:

a. On March 31, 2021, BALANAR reissued 2,000 of its treasury shares for P59 per share.

b. On June 1, 2021, BALANAR reissued 2,500 of its treasury shares for P50 each

c. On December 1, 2021, BALANAR retired 1,000 ordinary shares for P49 per share.

In connection with March 31, 2021 transaction of BALANAR Co., which of the following statements is correct?

a. Share premium treasury account will increase by P18,000.

b.Share premium ordinary account will be credited by P8,000

c. Share premium treasury will be credited by P8,000.

d. Retained earnings will be credited by P18,000