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X At December 31, 2020 and 0/3 2021, Logan Corp. had outstanding 2,000 shares of P100 par value 8% cumulative preferred stock and 10,000 shares of P10 par value common stock. At December 31, 2020, dividends in arrears on the preferred stock were P8,000. Cash dividends declared in 2021totaled P30,000. What amounts were payable on preferred shares? * 24,000 30,000 O 16,000 22,000 X On January 1, 2021, the 0/3 Retained Earnings Balance of Mike Inc. amounted to P300,000. During the year it declared 10% stock dividends which resulted to the issuance of 1,000 ordinary shares P10 par value, when the market value of the shares is at P18. During the year, the business sustained a loss of 30,000. The balance of Mike's retained earnings after considering the mentioned transactions should be: * 282,000 270,000 252,000 260,000 X Large Co. issued 10,000 0/3 shares of stocks, P8 par value, in exchange for land. The fair value of the stocks is at P12. The fair value of the land is at P100,000. How much should be debited to Land as a result of the transaction? 40,000 80,000 100,000 120,000 X Mini Co. issued 5,000 shares 0/3 of stocks, P8 par value as payment to legal services rendered by Atty. Go. The fair value of the stocks cannot be determined. The fair value of the services received amounted to P38,000. How much should be debited as legal expense? 38,000 0 2000 40,000 X The following data are 0/3 available for the year 2020: Net Income - P250,000; Dividends to cumulative preferred shares - P10,000; 100,000 ordinary shares authorized: 15.000 ordinary shares issued (P5 par value); 20,000 preferred shares authorized, all were issued and outstanding. Last year, no dividends were declared. * O 12 O 11.5 16 15.3 X Tiny Co. reacquired its 1,000 0/3 ordinary shares, P5 par value, at the cost of P8 per stock. On the same day, the market value of each share is P7. How much should be credited to Share Premium-Treasury Stock? * 2,000 5,000 3,000 0 x On August 1, 2021, Bow 0/3 Company purchased 100 of its P10 par value ordinary shares and held it in treasury, at a cost of P15 per share. On August 6,50 of these shares were reissued at its market value, P13 per share. The transaction on August 6 involves: Credit to Treasury shares P750 Debit to Share Premium- Treasury Shares P250 Debit to Treasury Shares P1,500 Credit to Retained Earnings P100 X Small Co. reacquired its 0/3 1,000 ordinary shares, P5 par value, at the cost of P8 per stock. On the same day, the market value of each share is P7. How much should be debited to Treasury shares? * 8,000 3,000 7,000 5,000 0/2 X Gains on sales of treasury shares (using the cost method) should be credited to * O capital stock. other income retained earnings share premium from treasury shares X The following data are 0/3 available for the year 2020: Net Income - P200,000; Dividends to non-cumulative preferred shares - P20,000: 100,000 ordinary shares authorized; 10,000 ordinary shares issued (P5 par value); 15,000 preferred shares authorized, all were issued and outstanding. How much is the earnings per share?* 12 20 18 5