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You are in charge of auditing Fare Easter University. The following list of accounts were obtained from the post-closing trial balance as of December 31,

You are in charge of auditing Fare Easter University. The following list of accounts were obtained from the post-closing trial balance as of December 31, 2021:

Account

Amount

Retained earnings

P820,000

Revaluation surplus

240,000

Bonds payable

440,000

Investment in SMDC shares

420,000

Share premium on ordinary shares

920,000

Ordinary shares

60,000

Share premium on preference shares

800,000

Preference shares

224,000

Additional paid in capital from treasury shares

8,000

Decrease in unrealized loss on FVOCI investments

6,000

Ordinary share warrants outstanding

40,000

Translation gain

100,000

Additional information:

  1. Ordinary shares is no-par, with stated value of P20 per share, 90,000 shares are authorized, 40,000 shares are issued and outstanding. 5,000 shares have been subscribed at a price of P56 per share. 25% of the total ordinary shares subscription are still outstanding as of the year end and are expected to be collected within the subsequent quarter.
  2. Preference share has a P100 par value, 8,000 are authorized, 6,000 shares are issued a outstanding. 900 shares are subscribed at a price of P140 per share. Each share is cumulative, convertible into five ordinary shares, and pays a 7% annual dividend. No dividends in arrears. 20% of the total preference shares subscription are still outstanding as of the year end and are expected to be collected within the next six months.
  3. The subscriptions both for the ordinary shares and preference shares are yet to be recorded.
  4. Bonds payable mature on July 1, 2025. These bonds carry a 12% nominal interest rate payable semi-annually.

Question 1: How much is the total contributed capital?

Group of answer choices

2,998,000

2,902,800

2,958,000

2,782,000

Question 2: How much is the total other comprehensive income?

Group of answer choices

334,000

374,000

340,000

240,000

Question 3: How much is the total shareholders' equity?

Group of answer choices

4,164,000

4,068,800

4,152,000

4,112,000

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