26. Assume the following accounts of MJE Corporation on December 31,2019:

Accounts Payable 30,000

Income Tax Payable 400,000

Ordinary Share Capital 1,000,000

Mortgage payable (500,000 due in six months) 4,000,000

Note Payable due January 31,2021 200,000

Share Premium 1,500,000

Preference Share Capital 4,500,000

Premium on Notes Payable 200,000

Unearned Rent Income 40,000

Employee income taxes witheld 12,500

Bank Overdraft at PNI Bank 76,000

Estimated expenses as a result of meeting warranties 115,000

Advances to subsidiary 54,000

Treasury Shares 150,000

Retained Earnings has the following information for the year:

Retained Earnings - January 1,2019 2,250,000

Dividends - Ordinary 100,000

Dividends - Preference 200,000

Loss during the year 500,000

* All dividends are paid during the year

How much is the Shareholder's Equity for the year 2019?

27. Assume the following accounts of MJE Corporation on December 31,2019:

Accounts Payable 30,000

Income Tax Payable 400,000

Ordinary Share Capital 1,000,000

Mortgage payable (500,000 due in six months) 4,000,000

Note Payable due January 31,2021 200,000

Share Premium 1,500,000

Preference Share Capital 4,500,000

Premium on Notes Payable 200,000

Unearned Rent Income 40,000

Employee income taxes witheld 12,500

Bank Overdraft at PNI Bank 76,000

Estimated expenses as a result of meeting warranties 115,000

Advances to subsidiary 54,000

Treasury Shares 150,000

Retained Earnings has the ffinformation for the year:

Retained Earnings - January 1,2019 2,250,000

Dividends - Ordinary 100,000

Dividends - Preference 200,000

Loss during the year 500,000

* All dividends are paid during the year

How much is the total liabilities to be reported in the Statement of Financial Position?

28. Kazakhstan Company is authorized to issue 600,000 ordinary shares, P10 par. The company had the following transactions in 2020:

Issued 20,000 shares at P30, received in cash

Issued 2,800 shares for legal services costing P100,000.

Issued 125,000 shares in exchange for a building valued at P2,950,000 and land valued at P800,000.

How much is the Ordinary Share Capital?

A. 1,478,000

B. 1,485,000

C. 1,543,000

D. 3,978,000

29. Five Company issued 10,000 shares of its P 5 par value ordinary shareshaving a fair value of P 25 per share and 15,000 shares of its P 15 par value preferred shares having a fair value of P 20 per share for a lump sum of P 520,000. How much of the proceeds would be allocated to the ordinary share?

A. 54,167

B. 276,250

C. 236,364

D. 270,833

30. On May 31, 2020, Ball Corporation's board of directors declared a 10% stock dividend. The market price of Ball's 30,000 outstanding shares of P20 par value common stock was P80 per share on that date. The stock dividend was distributed on July 31, 2020, when the stock's market price was P100 per share. What amount should Ball credit to share premium for this stock dividend?

A. -0-

B. 240,000

C. 180,000

D. 300,000

32. The shareholders' equity section of Gibberish Inc. Statement of Financial Position shows the following:

Preference share capital, P100 par 2,300,000.00

Ordinary share capital, P10 par 5,500,000.00

Treasury shares - ordinary, P12 cost/share 132,000.00

Share premium - ordinary 1,140,000.00

Share premium - preference 620,000.00

Subscribed ordinary shares 250,000.00

Subscription receivable (2 years collectibility 100,000.00

Share premium on subscribed ordinary shares 125,000.00

Share premium on treasury shares 110,000.00

Retained earnings 6,540,000.00

How many are the outstanding ordinary shares?

A. 539,000

B. 550,000

C. 587,000

D. 525,000

33. The shareholders' equity section of Uzbekistan Inc. statement of financial position shows the following:

Preference share capital, P100 par2,300,000.00

Ordinary share capital, P10 par5,500,000.00

Treasury shares - ordinary, P12 cost/share132,000.00

Share premium - ordinary1,140,000.00

Share premium - preference620,000.00

Subscribed ordinary shares250,000.00

Subscription receivable (2 years collectibility)100,000.00

Share premium on subscribed ordinary shares125,000.00

Share premium on treasury shares 110,000.00

Retained earnings 6,540,000.00

How much is the Total Shareholder's Equity?

A. 16,353,000

B. 16,792,000

C. 16,917,000

D. 16,817,000

34. Cruz Company has 490,000 shares of P 10 par value common share outstanding. During the year, Cruz declared a 10% share dividend when the market price of the share was P 30 per share. Four months later Cruz declared a P .50 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by

A. P 269,500.

B.P 735,000.

C. P 245,000.

D. P 1,739,500.