Elizabeth, a public limited company, has granted 100 share appreciation rights to each of its 1,000 employees in January 2010. The management feels that as of December 31, 2010, 90% of the awards will vest on December 31, 2012. The fair value of each share appreciation right on December 31, 2010, is P10. What is the fair value of the liability to be recorded in the financial statements for the year ended December 31, 2010? c. P300,000 b. P 100,000 d. P 90,000 Lapasan Company had the following capital during 2009 and 2010: Preference share capital, P100 par, 10% cumulative, 100,000 shares P10,000,000 Ordinary share capital, P100 par, 400,000 shares 40,000,000 Lapasan reported profit of P8,000,000 for the year ended December 31, 2010. Lapasan paid no preference share dividends during 2009 and paid P1,500,000 preference share dividends during 2010. On January 31, 2011, prior to the date that the financial statements are authorized for issue, Lapasan distributed 10% ordinary share dividend. In its 2010 income statement, what amount should Lapasan report as basic earnings per share? a. P17.50 c. P16.25 b. P15.91 d. P14.77