Use the following information to answer the next three items: Action Company reported the following shareholders' equity at the beginning of 2017: Preference share capital, P100 par P10,000,000 Ordinary share capital, P10 par 5,000,000 Share premium - Preference 2,500,000 Share premium - Ordinary 1,000,000 Retained earnings 1,500,000 During 2017, the following transactions were completed: Retired 10,000 preference shares at P110 per share. These shares were originally issued for P120 per share. Purchase of 25,000 ordinary shares of treasury at P30 per share. Reverse ordinary share split, 2-for-1 Reissued 6,000 shares in the treasury at P52 per share Net income for the year, P1,000,000. 35. What is the net effect of the retirement of preference shares on total shareholders' equity? A. 0 B. 100,000 net increase C. 1,100,000 net decrease D. 1,200,000 net decrease 36. What is the total share premium at year-end? A. 3,352,000 B. 3,400,000 C. 3,532,000 D. 3,600,000 37. What is the total shareholders' equity at year-end? A. 19,362,000 B. 19,462,000 C. 19,642,000 D. 19,662,000