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Questions -
Q1. On February 14, 2020 DAVID Co. issued 60,000 shares of its P100 par value ordinary shares and 40,000 shares of its P50 par value preference shares for a total amount of P9,000,000. As of February 14, DAVID's ordinary shares were trading at P140 while its preference shares were selling at P90 per share. At what amount would the "Share Premium-Preference" account would increase as a result of the transaction?
a. 250,000
b. 700,000
c. 2,500,000
d. 1,521,739
Q2. Chadwick Inc. declared 15% share dividend on its 15,000 issued and outstanding shares of P10 par value ordinary share, which had a fair market value of P5 per share before the share dividend was distributed 90 days after the declaration date. The company's current liabilities will increase by how much?
a. P22,500
b. P0
c. P11,250
d. P2,250
Q3. The articles of incorporation of Abby Corp. provides for the issuance of 150,000 shares of ordinary shares. Assume that 60,000 shares were originally issued and 7,500 were subsequently reacquired. Outstanding shares would be?
a. 67,500
b. 52,500
c. 7,500
d. 82,500
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