The following data pertain to jolo Corporation:

Ordinary Share Capital, with a par value of P100,

10,000 shares issued and outstanding 1,000,000

Share Premium 50,000

Retained Earnings 1,200,000

The following transactions took place:

June 10 Reacquired 500 commons shares for treasury at P80 per share

12 50 treasury shares were sold @ P75 per share

15 100 treasury shares were sold for P10,000

20 150 treasury shares were sold @ P70 per share

25 100 treasury shares were retired

30 An appropriation for treasury stock was recorded

Direction: a. Prepare Journal Entries.

b. Prepare Shareholders Equity Section as of June 30

c. Determine how much of the retained earnings is free and available for dividend distribution