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PROBLEM 1 Out of the 200,000 outstanding shares of LLB Company, CPA Corporation purchased 10,000 shares for P50 per share on July 5, 2017. CPA

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PROBLEM 1 Out of the 200,000 outstanding shares of LLB Company, CPA Corporation purchased 10,000 shares for P50 per share on July 5, 2017. CPA incurred P25,000 as broker's fees. The fair market value of the shares at the end of 2017, 2018, 2019, and 2020, are P52/sh, P58/sh, P60/sh, and P55/sh, respectively. LLB declared dividends for P200,000 on 2018, and P500,000 on 2020

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