Answer with solution and explanation

The shareholder's equity on December 31, 2018 showed the following Preference Share Capital, 12% P100 par, 25,000 shares. cumulative Ordinary shares Retained (deficit) P2,500,000 capital, share P100 par, 50,000 5,000,000 earnings (900,000) No dividends have been paid on preference share since 2015 Case 1. Preference share has preference as to assets (dividends in arrears are fully payable) Case 2. Preference share has preference as to dividends 33. In Case 1, the preference shares will have a dividend and book value per share of A. PO; P88 B. PO; P148 C. P1,200,000; P88 D. P1,200,000; P148 34. In Case 2, the preference shares will have a dividend and book value per share of A. PO; P88 B. PO; P148 C. P1,200,000; P88 D. P1,200,000; P148