Can I know the solution how to solve for this following questions? and its journal entry

1.) At December 31, 2010, Memory Foam Corp. had 20,000 shares of P5 par value treasury stock that had been acquired in 2019 at P12 per share. In May, 2020, Memory Foam Corp. issued 15,000 of these treasury shares at P10 per share. The cost method is used to record treasury stock transactions. At December, 2020, what amount should Memory Foam Corp. show as a restriction of Retained Earnings as a result of its treasury stock transactions?

a. P90,000 b. P60,000 c. P20,000 d. P10,000

2.) The Shareholders' Equity section of Laroy Corp. as of December 31, 2019, was as follows:

Ordinary Share Capital, P2 Par; authorized 20,000 shares;

Issued and outstanding 10,000 shares.................................................P20,000

Share Premium-Ordinary Shares................................................................30,000

Reatined Earnings..............................................................................................90,000

On March 1, 2020, the BOD declared a 10% share dividend, and accordingly 1,000 additional shares were issued. On March 1, 2020, the fair market value of the stock was P6 per share. For the 2 months ended February 28, 2020, Laroy sustained a net loss of P10,000. What amount should Laroy report as Retained Earnings as of March 1, 2020?

a. P74,000 b. P78,000 c. P84,000 d. P88,000

3.) The outstanding stock is composed of 10,000 shares of P100 par, cumulative 5% preference shares, and 50,000 shares of P20 par ordinary shares. Preference dividends have been paid every year except for the preceding two years and the current year. If P145,000 is to distributed as a dividend for the current year, what total amount will be distributed to the preference shareholders?

a. P-0- b. P75,000 c. P150,000 d. P145,000

4.) On January 2, 2014, Mining Corp. declared a cash dividend of P600,000 to shareholders of record on January 19, 2014 and payable on February 14, 2014. The following data pertain to 2013:

Net income for the year ended December 31, 2013..................P190,000

Share Premium, December 31, 2013....................................................675,000

Accumulated Profits, December 31, 2013.........................................425,000

The P600,000 dividend includes a liquidating dividend of:

a. P-0- b. P175,000 c. P410,000 d. P485,000

5.) Saboni Inc. has a total shareholders' equity of P1,000,000, including Retained Earnings of P190,000. The cash balance for the year is P350,000. The maximum cash dividend the corporation can declare and pay is:

a. P1,000,000 b. P650,000 c. P350,000 d. P190,000

For Items 6-8:

Jolin Inc. has outstanding 200,000 ordinary shares with P2 par value per share and 40,000 shares of 8% Preference Shares with a par value of P5 per share. The preference share is cumulative and non-participating. Dividends have been paid in every year except the past two years and the current year.

6.) Assuming that P100,000 will be distributed as a dividend in the current year, how much will the ordinary shareholders receive?

a. Zero b. P52,000 c. P68,000 d. P84,000

7.) Assuming that P42,000 will be distributed as a dividend in the current year, how much will the preference shareholders receive?

a. P14,000 b. P16,000 c. P32,000 d. P42,000

8.) Assuming that P122,000 will be distributed, and the preference shares are also participating, how much will the ordinary shareholders receive?

a. P74,000 b. P60,000 c. P62,000 d. P32,000

9.) Bistado Corp. has 700,000 ordinary shares authorized to be issued and 300,000 shares outstanding at December 31, 2013. The following transactions occurred in 2014:

Jan. 31 Declared a 10% share dividend.

June 30 Purchased 100,000 ordinary shares

Aug. 1 Reissued 50,000 treasury shares

Nov. 30 Declared a 2-for-1 share split.

At December 31, 2014, how many outstanding shares did Bistado Corp. have?

a. 560,000 b. 600,000 c. 630,000 d. 660,000

10.) Algarica Corp. issued 100,000 ordinary shares. Of these, 5,000 were held as treasury shares at December 31, 2019. During 2020, transactions involving Algarica's ordinary shares were as follows:

May 3 1,000 treasury shares were sold.

August 6 10,000 of the previously unissued shares were sold.

November 16 A 2-for-1 share split took effect.

At December 31, 2014, how many ordinary shares were issued and outstanding?

Shares Issued Shares Outstanding Shares Issued Shares Outstanding

a. 220,000 212,000 c. 222,000 214,000

b. 220,000 216,000 d. 222,000 218,000

11.) On July 1, 2014, Namana Corporation split its ordinary shares 5-for-1 when the market value was P100 per share. Prior to the split, Namana had P10 par of 10,000 ordinary shares issued and outstanding. After the split, the par value per share is:

a. reduced to P2 c. reduced to P8

b. reduced to P5 d. remained at P10

12.) Sharo Corp. has 5,000 shares of 6% cumulative, P100 par value, preference shares outstanding and 175,000 ordinary shares outstanding. It has paid no dividends since May 31, 2012. For the year ended May 31, 2014, Sharo Corp. had profit of P1,450,000 and wishes to pay ordinary shareholders a dividend to 25% of profit. The total amount of dividends to be paid by Sharo Corp. on May 31, 2014 is:

a. P362,500 b. P392,500 c. P407,500 d. P422,500

13.) The following data are extracted from the Shareholders' Equity section of the Statement of Financial Position of Josha Corporation:

12/31/2019 12/31/2020

Ordinary Share Capital, P2 par value P 1,000,000 P 1,020,000

Share Premium 500,000 580,000

Retained Earnings 1,000,000 1,046,000

During 2020, Josha Corporation declared and paid cash dividends of P150,000 and also declared and issued a share dividend. There were no other changes in shares issued and outstanding during 2020. Profit for 2020 was:

a. P46,000 b. P196,000 c. P216,000 d. P296,000

14.) The BOD of Trysa Inc. whose P50 par value of ordinary shares (which is currently selling at P60 per share) have decided to issue a share dividend. The selling price is not expected to be affected by the share dividend. Trysa Inc. has an authorization for 1,000,000 ordinary shares, had issued 500,000 shares of which 100,000 shares are now held as treasury shares. In order to capitalize P2,400,00 of the Retained Earnings balance, what percentage should be declared as share dividend by the BOD?

a. 10% b. 8% c. 6% d. 4%

15.) Triad Corp. was organized on January 1, 2020 with authorized capital of 100,000 shares of P200 par value ordinary shares. During 2020, Triad had the following transactions affecting shareholders' equity:

Jan. 10 Issued 25,000 shares at P220 per share.

March 25 Issued 1,000 shares for legal services when the fair value was P240 per share.

Sept. 30 Issued 5,000 shares for a tract of land when the fair value was P260 per share.

What amount should Triad report for Share Premium at December 31, 2020?

a. P540,00 b. P780,000 c. P800,000 d. P840,000