Assignment
You were able to gather the following information in connection with your audit of the stockholders' equity section of the Statement of the Financial Position of UWILLTOP, Inc.. The company is a manufacturer of school and office equipment. As of December 31, 2013, the stockholders' equity of the company is presented below:
Cumulative redeemable preference share, P15 par value: 50,000 shares authorized: 6,000 shares issued and outstanding P 90,000
Ordinary share, P10 par value; 500,000 shares authorized; 165,000 shares issued and outstanding 1,650,000
Cumulative Earnings 933,000
P2,673,000
The company's share capital transactions during 2014 were as follows:
1. On January 31, 12,000 preference shares were issued in exchange for land with a appraised value of P150,000. Six months ago, 1,000 shares of UWILLTOP's preference shares were exchanged "over the counter" for P14 per share.
2. On February 14, 6,750 shares of ordinary shares were sold to UWILLPASS at P25 per share.
3. On December 14, UWILLTOP purchased dissident stockholder UWILLPASS' 6,750 shares at P27 per share. The shares are to be held as treasury shares. [UWILLPASS violently opposed UWILLTOP's business strategy and UWILLTOP's management decided to eliminate UWILLPASS' interest).
4. On December 20, UWILLTOP contracted with URCPA for the sale of 15,000 previously unissued shares at P25 per share to be issued when the purchase price is fully paid. At December 31, only P292500 had been paid. URCPA agreed to pay the balance before December 31, 2015.
5. On December 31, UWILLTOP redeemed 6,000 preference shares according to the issue agreement. The shares were redeemed at P18 per share.
6. A cash dividend of P2 per share was declared on the preference shares on October 15, and paid on November 15.
7. A cash dividend of P150 per share was declared on December 15, and payable on January 15,2015.
8. UWILLTOP's net income for the year 2014 was P375000.
Question: Based on the above information and result of your audit, determine the following as of December 31, 2014:
Preference share
i. 132,000
ii. 180,000
iii. 150,000
iv. 162,000.