Chapter 7 Problem 30, 31 and 32.

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FESSOR: Problem #30 Preparation of the Shareholders' Equity Section of a Statement of Financial Position The accounts listed below were taken from the general ledger of the Liggayu Corporation on June 30, 2019. Each account has a normal balance. P1,300,000 Ordinary Shares P 325,000 100,000 Share Premium- Preference Share Premium-Treasury Donated Capital 17,500 62,500 Subscribed Ordinary Shares Ordinary Shares Dividend Distributable Treasury Stock-Ordinary (3,000 shares) Share Premium-Ordinary 70,000 Retained Earnings: 117,500 2,075,000 1,870,000 Unappropriated Appropriated for Plant Expansion 7% Preference Shares 7% Preference Shares- Subscribed 250,000 125,000 25,000 Additional Information: a. Preference share has a par value of P50 per share. Liggayu was authorized to issue 10,000 shares. The preference share is cumulative and participating. b. Ordinary share has a par value of P5 per share. Liggayu was authorized to issue 500,000 shares. Required: 1. Prepare the shareholders' equity section of Liggayu Corporation's June 30, 2019 statement of financial position. 2. Use the par values of preference and ordinary shares to calculate the number of shares issued and outstanding. Problem #31 Preparation of the Shareholders' Equity Section of a Statement of Financial Position On Dec. 31, 2018, selected accounts from the trial balance of Dimaculangan, Inc. showed the following balances: Debit Credit P1,550,000 100,000 600,000 1,500,000 1,350,000 P120,000 Retained Earnings Subscribed Ordinary Shares, 2,000 shares Long-term Notes Payable 5% Preference Shares, P100 par Share Premium-Ordinary Subscriptions Receivable Share Premium-Treasury Organization Expense Share Premium-Preference Ordinary Shares, P50 par Donated Capital Treasury Stock, 450 shares at Cost 280,000 200,000 850,000 2,500,000 590,000 40,000 Dimaculangan was authorized by its articles of incorporation to issue 500,000 shares of P50 par ordinary shares and 25,000 shares of P100 par cumulative, nonparticipating preference shares. Note that subscriptions receivable are collectible next year. Required: Choose the appropriate shareholders' equity accounts from those listed above and prepare the shareholders' equity section of Dimaculangan, Inc.'s Dec. 31, 2018 statement of financial position. PROFESSOR: Problem #32 The shareholders' equity section of Dela Pena, Inc. as at Dec. 31, 2018, is shown below: Ordinary Shares, P20 par; 500,000 shares authorized; 200,000 shares issued and outstanding Share Premium Retained Earnings Total Shareholders' Equity P 4,000,000 3,600,000 5,700,000 P13,300,000 Jan. 12 During the month of Jan. 2019, the following events occurred: The board of directors declared a 2-for-1 ordinary shares split. At the time of the split, the market price was P120 per share. A 5% share dividend was declared and issued by the board of directors. At the time of the declaration, the market price of the stock was P55 per share. The corporation repurchased 5,000 shares of its ordinary shares at P54 per share. Jan. 20 Jan. 22 Jan. 28 The board of directors declared a cash dividend of P0.45 per share, payable on February 28. A 20% share dividend was declared and issued. At the time of the declaration, the market price of the stock was P52 per share. Jan. 30 Jan. 31 The profit for the month amounted to P360,000. Required: Provide the answers to each of the following questions: 1. After the share split on Jan. 12, what was the amount of total shareholders' equity? 2. After the share split on Jan. 12, what was the balance in the ordinary shares account? 3. After the share dividend on Jan. 20, what's the balance in the retained earnings account? 4. After the share dividend on Jan. 20, what's the amount of the firm's total net assets? 5. After the treasury stock purchase, by how much did the firm's assets increase or decrease, if any? 6. Prepare the journal entry for the share dividends on Jan. 30. 7. What was the balance in the retained earnings account at the end of January