25% of its gross revenue from cargo operations were still outstanding as of the end of the quarter C. Fly Away Air Lines (a resident international carrier) has the following data for the current year: Gross receipts, Philippines (passenger operations) 10,000,000 Gross receipts, Philippines (cargo operations) 6,000,000 Gross receipts, Japan (passenger operations) 8,000,000 Gross receipts, Japan (cargo operations) 5,000,000 Expenses, Philippines (passenger operations) 4,000,000 Expenses, Philippines (cargo operations) 2,000,000 Expenses, Japan (passenger operations) 4,500,000 Expenses, Japan (cargo operations) 1,250,000 D. Dreamland Company, a closely held corporation, has an authorized capital of P1,000,000 with par value of 10 per share. As of December 31, 2017, outstanding shares amounted to P250,000. The Company offered its shares to the public for the first time on June 30, 2018. 10,000 were sold at initial public offering for P150,000. On October 2018, Leonar, existing shareholder, sold his 1,000 shares for P20,000