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The following transactions took place during 2016: Jan. 15 Cash dividends of P2,500,000 were declared and paid to both preferred and Feb. 15 ordinary shares. Last dividend payment for preferred shares was December 2012. 5,000 common shares were acquired at P120 per share. Apr. 11 P200,000. An appropriation for purchase of machinery was approved by the Board for May 31 1,000 treasury shares were sold for P125,000. June 1 A 10% stock dividend was declared and issued to the ordinary shareholders. Fair market value of the stock was P120. July 1 The case filed against the corporation did not prosper. The appropriation for contingencies was reversed. Dec. 31 The Board decided to retire 2,000 treasury shares. Net income for the year amounted to P1, 750,000. An appropriation for the remaining treasury shares was set up. Direction: Prepare entries to record the above transactions and present the Shareholders' Equity section as at December 31, 2016.15. The shareholders' equity of THAI Corporation on December 31. 2015 appeared as follows: 18% cumulative Preference Shares, par P50, authorized 250,000 shares, issued 150,000 shares P7,500,000 Ordinary Shares, par P100 authorized 100,000 shares, issued 80,000 shares 8,000,000 Share Premium on Common Stock 500,000 Unappropriated Retained Earnings 4,750,000 Appropriation Reserve for Contingencies 725,000