The Kings Corporation has two (2) classes of share capital outstanding: 9%, P20 par Preference and P70 par Ordinary. During the fiscal year ending December 31, 2019, the company had the following equity transactions in chronological order:

No. of shares Price per share

Issue of preference share 10,000 P28 Issue of ordinary share 35,000 70 Reacquisition and retirement of preference 2,000 30 Purchase of treasury ordinary share 5,000 80 Share split 2-for-1 Reissue of treasury ordinary share 5,000 52

Balances of the accounts in the shareholders equity section of the December 31, 2018 statement of financial position were:

Preference Share Capital, 50,000 shares P1,000,000 Ordinary Share Capital, 100,000 shares 7,000,000 Share Premium Preference 400,000 Share Premium Ordinary 1,200,000 Retained Earnings 550,000

Dividends were paid at the end of the fiscal year on the ordinary share at P1.20 per share and on the preference at the preference rate. Profit for the year was P850,000.

1. How much should be the Preference share capital to be shown on the December 31, 2019 statement of financial position?
2. How much should be the Ordinary share capital to be shown on the December 31, 2019 statement of financial position?
3. What is the total cost of the remaining treasury shares?
4. How much is the total Shareholders equity to be shown on the December 31, 2019 statement of financial position?