How many are the ordinary shares outstanding after reflecting the foregoing transactions for the year 2019?

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 26P
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How many are the ordinary shares outstanding after reflecting the foregoing transactions for the year 2019?

 

To input answers, kindly follow the sample format below(no peso sign, with comma, no space):

ex. 100,000

The shareholder's equity of ABC Company at December 31,2018 is presented below:
12% Preference share capital, P 200 par, 20,000 shares issued and outstanding
P4,000,000
Ordinary share capital, P 30 par, 300,000 shares issued and outstanding
9,000,000
Share premium - Preference
750,000
Additional paid in capital in excess of stated value - Ordinary
Retained earnings
1,000,000
3,000,000
The following selected transactions relating to shareholder's equity were noted in 2019:
a.) Purchased and retired 2,000 preference shares at P 230 each.
b.) Purchased 30,000 of its own ordinary shares at P 35 per share.
c.) Reissued 5,000 treasury shares at P 40 each.
d.) Shareholders donated to the company 20,000 ordinary shares when the market price is P 36 per share.
e.) One half of the donated shares were issued for P 39 each.
f.) Profit for 2019 was P 1,850,000.
e) The board of directors declared and paid the regular annual dividend on the preference share and P 1.50 per
ordinary share dividend.
Transcribed Image Text:The shareholder's equity of ABC Company at December 31,2018 is presented below: 12% Preference share capital, P 200 par, 20,000 shares issued and outstanding P4,000,000 Ordinary share capital, P 30 par, 300,000 shares issued and outstanding 9,000,000 Share premium - Preference 750,000 Additional paid in capital in excess of stated value - Ordinary Retained earnings 1,000,000 3,000,000 The following selected transactions relating to shareholder's equity were noted in 2019: a.) Purchased and retired 2,000 preference shares at P 230 each. b.) Purchased 30,000 of its own ordinary shares at P 35 per share. c.) Reissued 5,000 treasury shares at P 40 each. d.) Shareholders donated to the company 20,000 ordinary shares when the market price is P 36 per share. e.) One half of the donated shares were issued for P 39 each. f.) Profit for 2019 was P 1,850,000. e) The board of directors declared and paid the regular annual dividend on the preference share and P 1.50 per ordinary share dividend.
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