Problem 1. Minnesota Company is a publicly held company whose shares are traded in the over the counter market. The shareholders' equity account at December 31, 2014 had the following balances: Preference Share, P100 par, 12% cumulative; 50,000 shares authorized; 20,000 shares issued and outstanding P 2,000,000 Ordinary Share, P10 par; 150,000 shares authorized; 100,000 shares issued and outstanding 1,000,000 Share Premium 8,000,000 Accumulated Profits 2.586.000 Total shareholders' equity P 13,586,000 Transactions during 2015 and other information relating to shareholders' equity accounts were as follows: February 1: Issued 30,000 ordinary shares to Ram Company in exchange for a piece of land. On this date, the ordinary share had a market price of P20 per share. The land had a carrying value on Ram's books of P420,000 and an assessed value for property taxes of P400,000. March 1: Purchased 5,000 of its own ordinary shares to be held as treasury for P24 per share. . May 10: Declared a property dividend of trading securities held by Minnesota to ordinary shareholders. The securities had a carrying amount of P600,000 as of December 31, 2014 and fair values were P720,000 on May 10, 2015 (declaration date) and P736,000 on June 1, 2015 (distribution date). . October 1: Reissued 2,000 treasury shares at P26. . Declared a cash dividend of P5 per share to ordinary shareholders of record of November 15, 2015 and payable on November 25, 2015. . Declared the required annual cash dividend on preference share for 2015. The dividend was paid on January 5, 2014. Net income for 2015 was PS,380,000. a. How many ordinary shares are outstanding at December 31, 2015? b. What is the total amount of cash dividends declared during 2015? c. What is the accumulated profits balance reported at December 31, 2015? d. What is the total shareholders' equity at December 31, 2015