Short solutions only, no need for explanations thanks!

1. Maryland Corporation was organized on Feb 01, 2021. The corporation was authorized to issue 40,000 shares of 8% preference shares, P130 par value, and 150,000 shares of ordinary shares, P70 par value. Transactions for the year were as follows: 0 Mar 31 Sold 45,000 shares of ordinary shares at P85 for cash 0 Apr 30 - Issued 5,000 shares of ordinary shares in exchange for an equipment with a fair market value of P400,000 - May 21 - 18,000 shares of ordinary shares were subscribed at P85 and a 60% payment were received. How much is the legal capital at the end ofthe year 2021? A. P4,225,000 B. P4,760,000 c. P5,755,000 D. P3,500,000 2. Based on the following information, what is the 2020 taxable income for Davids Co. assuming that its pretax accounting income for the year ended December 31,2020 is P230,000. 0 Installment sales-future taxable amount of P192,000 o Depreciation -future taxable amount of P60,000 - Unea rned rent-future deductible amount of P200,000 A. P178,000 B. P282,000 C. P482,000 D. P222,000 3. On July 1, 2021, Lemonade (LMD) Corporation has 200,0005hares of P10 par common stock outstanding and the market price of the stock isP12 per share. On the same date, LMD declared a 1-for- 2 reverse stock split. The par of the stock was increased from P10 to P20 and one new P20 par share was issued for each two P10 par shares outstanding. Immediately before the1-for-2 reverse stock split, LMD's additional paid-in capital was P450,000. What should be the balance in LMD's additional paid-in capital account immediately after the reverse stock split is effected? A. P850,000 B. P650,000 C. PO D. P450,000