PROBLEM 9. You have asked to audit the Turkey Company. During the course of your audit, you are asked to prepare comparative data from the company's inception to the present. You have determined the following. a. Turkey Company charter became effectively on Jan 2, 2017 where 20,000 shares of P10 ordinary shares and 10,000 shares of 79% cumulative, nonparticipating, preference shares were issued. The ordinary shares were sold at P12 per share and the preference shares were sold at par value of P100 per share. b. Turkey was unable to pay preference dividends at the end of its first year. The owners of the preference share agreed to accept. 2 ordinary shares for every 50 preference shares owned in discharge of the preference dividends due on Dec 31, 2017. The share were issued on Jan 2, 2018. The fair market value was P30 per share for ordinary shares on the date of issue. c. Turkey Company acquired all the outstanding shares of Akinka Corporation on May 1, 2019. In exchange for 10,000 ordinary shares of turkey. d. Turkey split its ordinary shares 3 for 2 on Jan 1, 2020 and 2 for 1 on Jan 1, 2021. e. Turkey offered to convert 20% of the preference shares to ordinary shares on the basis of 2 ordinary shares for 1 preference shares. The offer was accepted, and the conversion was made on Jul 1, 2021 f. No cash dividends were declared on ordinary shares Dec 31, 2019. Cash dividends per share of ordinary shares were declared and paid as follows: June 30 Dec 31 2019 P3.20 2020 P1.50 P2.50 2021 P1.25 P1.00Based on the preceding information, determine the following: I. The number of ordinary and preference shares outstanding on December 31, of each of the following yours: 1. 2018 Ordinary Preference 20,000 10,000 20,400 10,000 25.000 10.000 20,200 9,800 2. 2019 30,000 10.000 30,400 9,800 35,000 10,000 30,400 10,000 3. 2020 45,300 10,000 45.600 10.000 76,000 10,000 52,500 9.800 4. 2021 A 95,200 8,000 49,600 10,000 93,200 7,840 93,200 8,000 II. The amount of cash dividends declared and paid to shareholders for each of the following years: 5. 2019 a. P112,000 b P96,640 c. P97,280 d. P96,000 6, 2020 a. P182,400 b. P83.600 c. P159,600 d. P121,6007. 2021 a. P214,200 b. P217,200 c. P153,200 d. P209,200