Reference no: EM132946890
Questions -
Q1. Wealthy Inc., has 5,000 shares of 5%, P100 par value, cumulative preference shares, and 20,000 shares of P1 par value ordinary shares outstanding on December 31, 2011. There were no dividends declared in 2009. The board of directors declares and pays a P45,000 dividend in 2010 and in 2011. What is the amount of dividends received by ordinary shareholders in 2011?
a. P45,000
b. P15,000
c. P0
d. P25,000
Q2. Wealthy Company acquired 6,000 shares of its own ordinary shares at P20 per share on February 5, 2010, and sold 3,000 of these shares at P27 per share on August 9, 2011. The fair value of Wealthy's ordinary shares was P24 per share at December 31, 2010, and P25 per share at December 31, 2011. The cost method is used to record treasury shares transactions. What account(s) should Wealthy credit in 2011 to record the sale of 3,000 shares?
a. Treasury Shares for P60,000 and Retained Earnings for P21,000
b. Treasury Shares for P60,000 and Share Premium-Treasury for P21,000
c. Treasury Shares for P81,000
d. Treasury Shares for P72,000 and Retained Earnings for P9,000
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