On July 1, 2019, ABC Corporation has 250,000 shares of P10 par ordinary shares outstanding and the market price of the stock is P12 per share. On the same date, ABC Corporation declared a 1-for-2 reverse split. The par value of the share was increased from P10 to P20 and one new P20 par value was issued for every two P10 par shares outstanding. Immediately before the 1-for-2 reverse share split, ABC Corporation share premium was P480,000. What should be the balance in ABC Corporation's share premium account immediately after the reverse share split is declared?

a. P730,000

b. P980,000

c. P480,000

d. zero

On Dec. 31, 2018 and 2019, ABC Corporation had 5,000 shares of P100 par, 6% cumulative preference shares outstanding. No dividends were arrears as of Dec. 31, 2017. ABC Corporation did not declare dividend during 2018. During 2019, ABC Corporation paid a cash dividend P20,000 on its preference shares. ABC Corporation should report dividends in arrears in its 2019 financial statements as

a. P80,000

b. P50,000

c. P30,000

d. Zero

On Jan. 10, 2019, ABC Corporation declared a cash dividend P5,000,000 to shareholders of record on January 30, 2019. It was payable on February 14, 2019. The following data pertained to 2018: Profit for year ended December 31, 2018 is P1,900,000.; Share Premium at December 31, 2018 is P6,750,000; Retained Earnings on January 1, 2019 is P4,250,000. The P5,000,000 dividend included a liquidating dividend of

a. P4,850,000

b. P750,000

c. P3,100,000

d. Zero