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U Coreported the following amounts in the shareholder's equity section of its December 31, 2019, statement of financial position: P200,000 Preference shares, 10% P10 par

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U Coreported the following amounts in the shareholder's equity section of its December 31, 2019, statement of financial position: P200,000 Preference shares, 10% P10 par (100,000 shares authorized, 20,000 shares issued) Ordinary shares, P5 par (50,000 shares authorized, 10,000 shares issued) Share premium Retained earnings Total 50,000 96,000 600,000 P946,000 The following transactions occurred during 2020: 1. Paid the annual 2019 P1 per share dividend on preference shares and P0.50 per share dividend on ordinary shares. These dividends had been declared on December 31, 2019. 2. Purchased 2,000 shares of its own outstanding ordinary shares for P20 per share. 3. Reissued 700 treasury shares for equipment valued at P25,000. 4. Issued 5,000 preference shares at P15 per share. 5. Declared a 10% stock dividend on the outstanding ordinary shares when the shares were selling for P12 per share. 6. Issued the stock dividend. 7. Declared the annual 2020 P1 per share dividend on preference shares and the P0.50 per share dividend on ordinary shares These dividends are payable in 2021. 8. Appropriated retained earnings for plant expansion, P300,000. 9. Appropriated retained earnings for treasury shares The net income for 2020 was P470,000. Determine the correct balances of the following accounts as of December 31, 2020: 1. Preference shares 2. Ordinary shares 3. Share premium 4. Treasury shares 5. Unappropriated retained earnings

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