PROBLEM $33$:

ARMENIA CO$.$ began operations on January $1,2011,$ by issuing at P$30$ per share one$-$half of the $900,000$ shares of P$10$ par value ordinary shares that had been authorized for sale. In addition, Armenia has $500,000$ shares of P$50$ par value, $6\%$ preference shares authorized. During $2011,$ Armenia had P$3,200,000$ of net income and declared $P2,000,000$ of dividends.

During $2012,$ Armenia had the following transactions:

January $9$ Issued an additional $100,000$ ordinary shares for P$18$ per share.

April $2$ Issued $75,000$ preference shares for P$65$ per share.

July $20$ Authorized the purchase of a custom$-$made machine to be delivered in January $2013.$ Armenia restricted $P800,000$ of retained earnings for the purchase of the machine

October $21$ sold an additional $25,000$ preference shares for P$55$ per share

December $31$ Reported P$2,400,000$ of net income and declared a dividend of P$700,000$ to shareholders of record on January $15,2013,$ to be paid on February $4,2013.$

Based on the preceding data, determine the December $31,2010,$ balances of the following:

Preference shares

A$.P5,000,000$

C$.P6,250,000$

B$.P3,750,000$

D$.P4,875,000$

Share premium $-$ preference shares

Cordillera Career Development College

COLLEGE OF BUSINESS EDUCATION AND ADMINISTRATION

Buyagan, Poblacion, La Trinidad, Benguet

A$.P10,250,000$

B$.P2,050,000$

Ordinary shares

A$.P1,000,000$

B$.P6,300,000$

Share premium $-$ ordinary shares

A$.P9,800,000$

B$.P9,000,000$

Retained earnings $($unappropriated$)$

A$.P2,900,000$

B$.P2,100,000$

C$.P1,250,000$

D$.P1,125,000$

C$.P4,500,000$

D$.P5,500,000$

C$.$ P$11,050,000$

D$.P9,925,000$

C$.P3,200,000$

D$.P1,200,000$