The shareholders' equity section of Good Life Company shows the following on Deoember 31, 201B: lDrdinary shares, P10 par value; authorized 1,500,000 shares; issued and outstanding 900,000 shares P9,000,000 Share Premium 150,000 Retained earnings 2,100,000 Total shareholders\" equity W Transactions during 2019 and other information relating to the shareholders' equity accounts were as follows: [in January 2, Good life reacquired 15,000 shares of its ordinary shares for P11 per share. On May 14, Good life sold 45,030 shares of its treasury shares for P14 per share. On June 15, Good life declared a cash dividend of P1 per share, payable on July 15, 2019 to sha reholdets of record on June 90, 2019. On December 20, 30,1110 shares. were issued in exchange for second hand equipment. It originally cost P600,000, was carried bythe previous owner at a book value of P900.000, and was recently appraised at P390000. Net income for 2019 was P350000