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Questions -
Q1. Lexus Corporation purchased 15,000 shares of its P1 par ordinary shares at P10 and subsequently sold 10,500 shares at P20. What is the amount of gain realized from the sale that will be reported in the statement of comprehensive income?
P105,000
P94,500
P0
P135,000
Q2. 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?
67,500
7,500
82,500
Q3. How would the declaration of a 15% share dividend by a corporation affect the retained earnings and total shareholders' equity, respectively?
Decrease; No effect
Decrease; Decrease
No effect; No effect
No effect; Decrease
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