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The following shareholders equity accounts of Rafael Co. on September 1, 2021 shows the following accounts and balances: 10% Preference share capital, P30 par P3,000,000 Ordinary share capital, P20 par 5,200,000 Treasury shares (10,000 ordinary shares) (500,000) Treat each scenarios independent from one another. 1. The preference shares are cumulative and participating, and dividends were last declared and paid by Rafael in 2018. On this date, the entity decided to declare enough dividends such that each preference share would receive P11.70. a. Determine the number of outstanding preference and ordinary shares b. How much total dividends should Rafael declare? c. How much will be the dividends per ordinary share? 2. Rafael decided to declare its inventories as dividends. One unit of inventory will be given for every 100 shares held. The average cost of each unit of inventory held is P100. The fair value on September 1, the date of declaration, is P300. The inventories were given on September 30 to shareholders of record on September 15. The fair value of each unit of inventory on September 15 and 30 was P870 and P900, respectively, a. How many units of inventory were declared as inventory? b. How much was debited to retained earnings when the dividends were declared? c. How much was the gain on distribution of dividends? The following shareholders equity accounts of Rafael Co. on September 1, 2021 shows the following accounts and balances: 10% Preference share capital, P30 par P3,000,000 Ordinary share capital, P20 par 5,200,000 Treasury shares (10,000 ordinary shares) (500,000) Treat each scenarios independent from one another. 1. The preference shares are cumulative and participating, and dividends were last declared and paid by Rafael in 2018. On this date, the entity decided to declare enough dividends such that each preference share would receive P11.70. a. Determine the number of outstanding preference and ordinary shares b. How much total dividends should Rafael declare? c. How much will be the dividends per ordinary share? 2. Rafael decided to declare its inventories as dividends. One unit of inventory will be given for every 100 shares held. The average cost of each unit of inventory held is P100. The fair value on September 1, the date of declaration, is P300. The inventories were given on September 30 to shareholders of record on September 15. The fair value of each unit of inventory on September 15 and 30 was P870 and P900, respectively, a. How many units of inventory were declared as inventory? b. How much was debited to retained earnings when the dividends were declared? c. How much was the gain on distribution of dividends