Question
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:
- 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.
- 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.
- The subscriptions both for the ordinary shares and preference shares are yet to be recorded.
- 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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