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14. Lozada Corp. has 100,000 shares of P20 par ordinary shares outstanding. The stock's market value is P37 per share. Lozada's board of directors declared and distributed a 10% ordinary share dividend. Which of the following entries showed the full effect of declaring and distributing the dividend? 370,000 a. Retained Earnings Ordinary Shares Distributable 200,000 Share Premium-Ordinary 170,000 b Retained Earnings 200,000 Ordinary Shares 200,000 C. Retained Earnings 170,000 Share Premium-Ordinary 170,000 d. Retained Earnings 370,000 Ordinary Shares 200,000 Share Premium-Ordinary 170,000 15. The following information was abstracted from the accounts of David Corporation at year-end: Total income since incorporation P840,000 Total cash dividends paid 260,000 Proceeds from sale of donated shares 90,000 Total value of share dividends distributed 60,000 Excess of proceeds over cost of treasury stock sold 140,000 What should be the current balance of retained earnings? a. P520,000 b. P580,000 C. P610,000 d. P670,000NAME: SCORE: SECTION: PROFESSOR: Multiple Choice 1. Manaloto Trade, Inc. has 10,000 shares of 7% P50 par preference shares, and 100,000 shares of P4 par ordinary shares outstanding. Two years' preference dividends are in arrears. Manaloto Trade declared a cash dividend large enough to pay the preference dividends in arrears, the preference dividends for the current period, and a P1.50 dividend to ordinary. What is the total amount of the dividend? a. P105,000 b. P150,000 C. P220,000 d. P255,000 2. On Jan. 5, 2019, Sanchez Minerals Corp. declared a cash dividend of P6,000,000 to shareholders of record on Jan. 21, 2019. It was payable on Feb. 11, 2019. The following data pertained to 2018: Profit for year ended 12/31/2018 P1,900,000 Share Premium, 12/31/2018 6,750,000 Retained Earnings, 1/1/2019 4,250,000 The P6,000,000 dividend included a liquidating dividend of a. P4,850,000. b. P4,100,000. c. P1, 750,000. d. P-O-. 3. Estrada Corporation has 5,000 shares of 6% cumulative, P100 par value, preference shares outstanding and 175,000 ordinary shares outstanding. The corporation has paid no dividends since May 31, 2018. For the year ended May 31, 2020, Estrada had profit of P1,450,000 and wishes to pay ordinary shareholders a dividend equivalent to 25% of profit. The total amount of dividends to be paid by Estrada Corporation at May 31, 2020 is a. P422,500. b. P407,500. C. P392,500. d. P362,500.11. Pascual Corp. owned 20,000 ordinary shares of Alegrado Corp., purchased in 2018 for P1,800,000. On Dec. 15, 2020, Pascual declared a property dividend of all its Alegrado Corp. shares on the basis of one share of Alegrado for every 10 shares of Pascual ordinary shares held by its shareholders. The property dividend was distributed on Jan. 15, 2021. On the declaration date, the aggregate market the Alegrado shares held by Pascual was P3,000,000. The entry to record the declaration of the dividend should include a debit to retained earnings of a . P3,000,000. b. P1,800,000. C. P1,200,000. d. P-O-. 12. The following data are extracted from the shareholders' equity section of the statement of financial position of Dela Cruz Corporation: 12/31/2018 12/31/2019 Ordinary Shares, P2 par value P1,000,000 P1,020,000 Share Premium 500,000 580,000 Retained Earnings 1,000,000 1,046,000 During 2019, the 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 2019. Profit for 2019 was a. P 46,000. b. P196,000. C. P216,000. d. P296,000. 13. On May 1, 2019, Chavez Corp. declared and issued a 10% ordinary share dividend. Prior to this dividend, Chavez had 100,000 shares of P1 par value ordinary shares issued and outstanding. The fair market value of Chavez's ordinary shares was P30 per share on May 1, 2019. As a result of the share dividend, Chavez's total shareholders' equity a. increased by P300,000. b. decreased by P300,000. c. decreased by P10,000. d. did not change.a. P 996,000. b. P1,050,000. P1,086,000. d. P1,140,000. 8. Effective April 27, 2019, the shareholders of Fernando Corp. approved a 2-for-1 split of the corporation's ordinary shares, and an increase in authorized ordinary shares from 100,000 shares to 200,000 shares. Fernando's shareholders' equity accounts immediately before issuance of the share split shares were as follows: Ordinary Shares, P20 par value, 100,000 shares P1,000,000 authorized, 50,000 shares outstanding 150,000 Share Premium 1,350,000 Retained Earnings The share split shares were issued on June 30, 2019. In Fernando's June 30, 2019 statement of changes in shareholders' equity, the balances of share premium and retained earnings are Share Premium Retained Earnings a. P-0- P 500,000 b. P150,000 P 350,000 C . P150,000 P.1,350;000 P1,150,000 P 350,000 9. Ranga Corporation declared a cash dividend of P10,000 on Jan. 17. This dividend was payable to shareholders of record on Feb. 10 and payment was made on March 2. As a result of this cash dividend, liabilities will increase (decrease) on Jan. 17 Feb. 10 a. P-0- P-0- b. P10,000 P-0- P(10,000) P-0- P10,000 P(10,000) 10. On July 1, 2019, Samoza Corp. split its ordinary shares 5-for-1 when the market value was P100 per share. Prior to the split, Samoza had 10,000 shares of P10 par value ordinary shares issued and outstanding. After the split, the par value of the share a. remained at P10. b. was reduced to P8. c. was reduced to P5. d. was reduced to P2.pangan Corp. acquired 4,000 shares of Agustin, Inc. ordinary shares on Oct. 20, 2018 for P660,000. On Nov. 30, 2020, Agustin distributed a 10% ordinary share dividend when the market price of the stock was P250 per share share. On Dec. 20, 2020, Pangan cold 400 shares of its Agustin stock for P106,000. For the year ended Dec. 31, 2020, how much should Pangan report as dividend revenues? a. P-0- b. P106,000 C . P100,000 d. P 46,000 5. Malit Corporation has a total shareholders' equity of P1,000,000, including retained earnings of P190,000. The cash balance is P350,000. The maximum cash dividend the corporation can declare and pay is P1,000,000. b. P650,000. C . P350,000. d. P190,000. 6. At Dec. 31, 2018 and 2019, L. Pestano Corp. had outstanding 2,000 shares of P1,000 par value, 6% cumulative preference shares and 10,000 shares of P100 par value ordinary shares. At Dec. 31, 2018, dividends in arrears on the preference shares were P60,000. Cash dividends declared in 2019 totaled P220,000. What amounts were payable on each class of stock? Preference Shares Ordinary Shares a. P120,000 P100,000 b. P160,000 P 60,000 P180,000 P 40,000 P220,000 P-0- 7. On Dec. 31, 2018, the shareholders' equity section of A. Pacis, Inc. was as follows: Ordinary Shares, par value P100, authorized 30,000 shares, issued P 900,000 and outstanding 9,000 shares 1,160,000 Share Premium 1,460,000 Retained Earnings P3,520,000 Total Shareholders' Equity On March 31, 2019, A. Pacis declared a 10% share dividend. Accordingly, 900 shares were issued when the fair market value was P160 per share. For the three months ended March 31, 2019, A. Pacis sustained a loss of P320,000. The balance of A. Pacis's retained earnings as of March 31, 2019 should be