38. The articles of incorporation of Abby Corp. provide for the issuance of 150,000 shares of ordinary shares. Assume that 60,000 shares were originally issued and 7,500 were subsequently reacquired. Outstanding shares would be?

a. 67,500

b. 7,500

c. 52,500

d. 82,500

50. Green Company owned 300,000 of Marley Corporation shares. On December 31, 2021, when Green's account Investment in Ordinary Shares of Marley Corporation had a carrying value of P5 per share, Green distributed these shares to its shareholders as a dividend. Green originally paid P8 for each share. Marley has 1,000,000 shares issued, which are traded on a stock exchange. The quoted market price for a Marley share was P7 on the declaration date and P9 on the distribution date. What would be the reduction in Greens equity as a result of the above transactions?

a. P2,700,000

b. P1,500,000

c. P2,400,000

d. P1,200,000