Answer with solution and explanation

callable preference shares with par value of P100 at P120 per shares are called in at P150 per share. The joumal preference An entity issued 10.000 hare. 12. Subsequently, the preference entry would include: A. Debit to Share Premium- Ordinary Shares for P200,000 B. Debit to Retained Eamings- P300,000 C. Credit to Share Prenium-Preference Shares for D. Credit to Callables Payable, P1.500,000 P300,000 13. if the preference shares would be called in at P80 per share, the Joumal entry would A. Debit to Share Premium-Ordinary Shares for P200,000 B. Debit to Retained Eamings, P400,000 C. Credit to Retained Eamings, P400,000 D. Credit to Share Premium- Ordinary Shares for P400.000 14. Callable preference shares are part of: A. Financial Assets B. Financial Liability C. Equity Instruments D. Income 15. Redeemable preference shares are: A. Financial Assets B. Financial Liability C. Equity Instruments D. Income 16. Redeemable preference shares are defined as follows: I. A Preference share that provides for mandatory redemption by the issuer for a ixed or determinable amount at a future date. ll, A preference share that gives the holder the right to require the issuer to redeem the instrument for a fixed or determinable amount at a future date A. I 8.I C. I and I D. Neither I nor lI 17. Dividend Paid to holders of redeemable preference shares shall be recorded as: A. Interest Expense B. Interest Income C. Income under Profit or Loss D. Income under Other Comprehensive Income 18. The difference between the redemption price and the financial liability shall be: A. Directly adjusted to Retained Eanings B. Gain or Loss on Profit or Loss C. Gain or Loss on Other Comprehensive Income D. Share Premium- Preference Shares