1. Selisana was engaged by Mandaue Corporation to perform consulting services. Selisana's compensation for these services consisted of 10,000 shares of Mandaue's P20 par value ordinary shares, to be issued to Selisana on completion of Selisana's services. On the execution date of Selisana's employment contract, Mandaue's stock had a market value of P80 per share. Six months later, when Selisana's services were completed and the share issued, the stock's market value was P100 per share. Mandaue's management estimated that Selisana's services were worth P2,000,000 in cost savings to the corporation. As a result, share premium would increase by ___________
2. The shareholders equity section of Banas Corporation statement of financial position at Dec. 31, 2017 was as follows:

Ordinary shares, P20 par, authorized 1,000,000 shares, issued and outstanding 900,000 shares P18,000,000

Share premium 5,400,000

Retained Earnings 2,600,000

Total Shareholders' Equity P26,000,000

All outstanding ordinary shares were issued on 2017 for P26 per share. On Jan. 2, 2018, Banas acquired 100,000 shares of its stock at P24 per share and retired them. The balance in share premium after retirement should be __________.

3.Dela Calzada Corporation was incorporated on Jan. 1, 2017 with the following authorized capitalization:

200,000 Ordinary Shares, no-par, stated value P200 per share

200,000 shares of 10% Cumulative Preference Shares par value P100 per share

During 2017, Dela Calzada issued 150,000 ordinary shares for a total of P36,000,000 and 50,000 preference shares at P120 per share. In addition, on Dec. 15, 2017, subscriptions for 20,000 preference shares were taken at a purchase price of P200. These subscribed shares were paid for on Jan. 2, 2018. Profit for 2017 was P10,000,000. What should Dela Calzada report as total contributed capital on its Dec. 31, 2017 statement of financial position? ___________

4.In 2017, Leung Inc. issued P20 par value ordinary shares for P50 per share. No other ordinary shares transactions occurred until March 31, 2019, when Leung acquired some of the issued shares for P40 per share and retired them. Which of the following statements correctly states an effect of this acquisition and retirement?

a. Share premium is decreased

b. Year 2019 profit is decreased

c. Year 2019 profit is increased

d. Retained earnings is increased

5.Calimpusan Corporation was organized on Jan. 1, 2017 with authorized capital of 100,000 shares of P400 par value ordinary shares. During 2017, Calimpusan had the following transactions affecting shareholders' equity:

Jan 10 Issued 25,000 shares at P440 a share

Mar 25 Issued 1,000 shares for legal services when the fair value was P480 a share

Sept 30 Issued 5,000 shares for a tract of land when the fair value was P520 a share

What amount should Calimpusan report for share premium at Dec 31 2017? _______