CHAPTER 9

Operations, Dividends, Book Value and Earnings per Share

E 9-1
Contributed Capital:
10% Preference Share Capital, P100 par, cumulative, 10,000 shares
authorized, 4,000 shares issued and outstanding P 400,000
Ordinary Share Capital, P20 par, 100,000 shares authorized,
50,000 shares issued and outstanding 1,000,000
Ordinary Share Capital Subscribed – 10,000 shares 200,000
Preference Share Premium 150,000
Ordinary Share Premium 200,000
Total Contributed Capital P1,950,000
Retained Earnings 250,000
Total Shareholders’ Equity P2,200,000

E 9-2
Contributed Capital:
10% Preference Share Capital, P40 par, 40,000 shares authorized,
20,000 shares issued and outstanding P800,000
Preference Share Capital Subscribed P40,000
Less PSC Subscription Receivable 14,000 26,000
Ordinary Share Capital, P10 stated value, 500,000 shares authorized,
200,000 shares issued and outstanding 2,000,000
Paid-in Capital in Excess of Par – Preference Shares 120,000
Paid-in Capital in Excess of Stated Value – Ordinary Shares 100,000
Total Contributed Capital P3,046,000
Retained Earnings 400,000
Total Shareholders’ Equity P3,446,000

E 9-3
Mar. 1 Retained Earnings 400,000
Dividends Payable 400,000
40,000 sh x P10 = P400,000

Apr. 15 Dividends Payable 400,000

Cash 400,000

Sept. 1 Retained Earnings 800,000

Dividends Payable 800,000
40,000 sh x P20

30 Dividends Payable 800,000

Cash 800,000

E 9-4
Apr. 1 Retained Earnings 200,000
Dividends Payable 200,000
100,000 sh x P2
APC – Chapter 9 (2014 edition) page 2

May 2 Dividends Payable 200,000

Cash 200,000

June 1 Retained Earnings 600,000

Share Capital Dividends Distributable 500,000
PIC from Share Capital Dividends 100,000
100,000 sh x 10% x P60

July 15 Share Capital Dividends Distributable 500,000

Ordinary Share Capital 500,000

E 9-5
1. Retained Earnings 1,875,000
Share Capital Dividends Distributable 750,000
PIC from Share Capital Dividends 1,125,000
500,000 sh x 15% x P25 = P1,875,000
500,000 sh x 15% x P10 = P 750,000

Share Capital Dividends Distributable 750,000

Ordinary Share Capital 750,000

2. Retained Earnings 2,500,000

Share Capital Dividends Distributable 2,500,000
500,000 sh x 50% x P10 = P2,500,000

Share Capital Dividends Distributable 2,500,000

Ordinary Share Capital 2,500,000

E 9-6
Mar. 15 Retained Earnings 10,000
Dividends Payable 10,000
2,000 sh x P5 = P10,000

Apr. 15 Dividends Payable 10,000

Cash 10,000

July 15 Retained Earnings 40,000

Property Dividends Payable 40,000
2,000 sh x P20

Property Dividends Payable 40,000

Investment in Pentagon Corp. Stocks 40,000

Oct. 15 Retained Earnings 15,000

Share Capital Dividends Distributable 15,000
2,000 sh x 30% x P25

Dec. 1 Share Capital Dividends Distributable 15,000

Ordinary Share Capital 15,000
APC – Chapter 9 (2014 edition) page 3

E 9-7
Annual PSC dividend requirement – 100,000 sh x P100 x 12% = P1,200,000
1.
2012 2013 2014
Preference P1,200,000 P1,200,000 P1,200,000
Ordinary 1,300,000 2,300,000 5,300,000
Total P2,500,000 P3,500,000 P6,500,000
Dividends per share:
Preference P12.00 P12.00 P12.00
Ordinary P 2.60 P 4.60 P10.60
2.
Preference Ordinary Total
2012
Dividends in arrears – 2 yrs. P2,400,000 P2,400,000
Current dividends 100,000 P ----------- 100,000
Total P2,500,000 P ----------- P2,500,000

Dividends per share P25.00 P –0--

2013
Dividends in arrears P1,100,000 P1,100,000
Current dividends 1,200,000 1,200,000
Balance – Ordinary P1,200,000 1,200,000
Total P2,300,000 P1,200,000 P3,500,000

Dividends per share P23.00 P 2.40

2014
Current dividends P1,200,000 P1,200,000
Balance – Ordinary P5,300,000 5,300,000
Total P1,200,000 P5,300,000 P6,500,000

Dividends per share P12.00 P 10.60

3.
Preference Ordinary Total
2012
Regular dividends P1,200,000 P600,000 P1,800,000
Balance –P700,000
Preference – 10/15 466,667 466,667
Ordinary – 5/15 233,333 233,333
Total P1,666,667 P833,333 P2,500,000

Dividends per share P16.67 P1.67

APC – Chapter 9 (2014 edition) page 4

2013
Regular dividends P1,200,000 P 600,000 P1,800,000
Balance –P1,700,000
Preference – 10/15 1,133,333 1,133,333
Ordinary – 5/15 566,667 566,667
Total P2,333,333 P1,166,667 P3,500,000

Dividends per share P23.33 P2.33

2014
Regular dividends P1,200,000 P 600,000 P1,800,000
Balance –P4,700,000
Preference – 10/15 3,133,333 3,133,333
Ordinary – 5/15 1,566,667 1,566,667
Total P4,333,333 P2,166,667 P6,500,000

Dividends per share P43.33 P4.33

4.
Preference Ordinary Total
2012
Dividends in arrears – 2 yrs. P2,400,000 P2,400,000
Current dividends 100,000 P ----------- 100,000
Total P2,500,000 P ----------- P2,500,000

Dividends per share P25.00 P –0--

2013
Dividends in arrears P1,100,000 P1,100,000
Regular dividends 1,200,000 P 600,000 1,800,000
Balance – P600,000
Preference – 10/15 400,000 400,000
Ordinary – 5/15 200,000 200,000
Total P2,700,000 P 800,000 P3,500,000

Dividends per share P27.00 P1.60

2014
Regular dividends P1,200,000 P 600,000 P1,800,000
Balance – P4,700,000
Preference – 10/15 3,133,333 3,133,333
Ordinary – 5/15 1,566,667 1,566,667
Total P4,333,333 P2,166,667 P6,500,000

Dividends per share P43.33 P4.33

APC – Chapter 9 (2014 edition) page 5

5.
Preference Ordinary Total
2012
Regular dividends P1,200,000 P600,000 P1,800,000
Balance –P700,000
Preference – 10/15 466,667 466,667
Ordinary – 5/15 233,333 233,333
Total P1,666,667 P833,333 P2,500,000

Dividends per share P16.67 P1.67

2013
Regular dividends P1,200,000 P 600,000 P1,800,000
Balance –P1,700,000
Preference 800,000 800,000
Ordinary 900,000 900,000
Total P2,000,000 P1,500,000 P3,500,000

Dividends per share P20.00 P3.00

2014
Regular dividends P1,200,000 P 600,000 P1,800,000
Balance –P4,700,000
Preference 800,000 800,000
Ordinary 3,900,000 3,900,000
Total P2,000,000 P4,500,000 P6,500,000

Dividends per share P20.00 P9.00

E 9-8
1. P5,000,000 / 200,000 shares P25.00

2. Total Shareholders’ Equity P5,000,000

Equity identified with preference shares (10,000 sh x P120) 1,200,000
Equity identified with ordinary shares P3,800,000

BV/share: PS – P120.00; OS – P3,800,000/100,000 = P38.00

E 9-9
a. P10,000/60,000 = P.17
b. P70,000/60,000 = P1.17
c. P90,000/60,000 = P1.50
d. P150,000/60,000 = P2.50
e. P180,000/60,000 = P3.00
APC – Chapter 9 (2014 edition) page 6

E 9-10
Profit P750,000
Less earnings identified with preference share capital
(20,000 sh x P100 x 10%) 200,000
Earnings identified with ordinary shares P550,000

Earnings per share P550,000/300,000 = P1.67

P 9-1
1.
2014
Jan. 2 Cash 3,125,000
Ordinary Share Capital 2,500,000
Ordinary Share Premium 625,000
125,000 sh x P25

Mar. 2 Cash (62,500 sh x P30) 1,875,000

Ordinary Share Capital 1,250,000
Ordinary Share Premium 625,000

Mar. 31 Land 300,000

Building 500,000
Ordinary Share Capital 500,000
Ordinary Share Premium 300,000

Dec. 31 Income Summary 750,000

Retained Earnings 750,000

31 Retained Earnings 531,250

Dividends Payable 531,250
125,000 + 62,500 + 25,000 = 212,500 sh x P2.50

2015
Jan. 31 Dividends Payable 531,250
Cash 531,250

Feb. 14 OSC Subscription Receivable (50,000 x P50) 2,500,000

OSC Subscribed (50,000 x P20) 1,000,000
Ordinary Share Premium 1,500,000

14 Cash 1,000,000
OSC Subscription Receivable 1.000,000
P2,500,000 x 40%

Mar. 15 Cash 1,500,000

OSC Subscription Receivable 1,500,000
P2,500,000 x 60%

15 OSC Subscribed 1,000,000

Ordinary Share Capital 1,000,000
APC – Chapter 9 (2014 edition) page 7

Dec. 31 Income Summary 2,000,000

Retained Earnings 2,000,000

31 Retained Earnings 525,000

Dividends Payable 525,000
212,500 + 50,000 = 262,500 x P2

31 Retained Earnings 656,250

Stock Dividends Distributable 525,000
PIC from Stock Dividend 131,250
262,500 x 10% x P25 = 262,500
2.
Contributed Capital:
Ordinary share Capital, P20 par, 500,000 shares authorized,
212,500 shares issued and outstanding P4,250,000
Ordinary Share Premium 1,550,000
Total Contributed Capital P5,800,000
Retained Earnings 218,750
Total Shareholders’ Equity P6,018,750
3.
BCD Corporation
Statement of Changes in Shareholders’ Equity
For the Year Ended December 31, 2014

Ordinary Ordinary PIC from

Share Share Stock Retained
Capital Premium Dividend Earnings Total
Balances, January 1, 2014 P - P - P - P -
Issuance of 125,000 shares@P25 2,500,000 625,000 P3,125,000
Issuance of 62,500 shares@P30 1,250,000 625,000 1,875,000
Issuance of 25,000 shares in exchange
for land and building 500,000 300,000 800,000
Profit for 2014 750,000 750,000
Declaration of cash dividends of P2.50 ( 531,250) ( 531,250)
Balances, December 31, 2014 P4,250,000 P1,550,000 p 218,750 P6,018,750

P 9-2
MMM Corporation
Statement of Changes in Shareholders’ Equity
For the Two Years Ending December 31, 2014
Ordinary Ordinary
Share Share Retained
Capital Premium Earnings Total
2013:
Issued 120,000 shares @ P24 P2,400,000 P 480,000 P2,880,000
Loss for the year (P300,000) ( 300,000)
Balances, December 31 P2,400,000 P 480,000 (P300,000) P2,580,000
2014:
Issued 80,000 shares @ P30 1,600,000 800,000 2,400,000
Profit for the year 800,000 800,000
Balances, December 31 P4,000,000 P1,280,000 P500,000 P5,780,000
APC – Chapter 9 (2014 edition) page 8

VVV Inc.
Statement of Changes in Shareholders’ Equity
For the Two Years Ending December 31, 2014

5% Preference
Preference Ordinary Share Retained
Share Share Premium Earnings Total
2013:
Issued 6,000 PS @ P120 P 600,000 P 120,000 P 720,000
Issued 200,000 ordinary shares P1,400,000 1,400,000
Profit for the year P 240,000 240,000
Dividends:
PS – P600,000 x 5% ( 30,000) ( 30,000)
OS – 200,000 shares x P.25 ( 50,000) ( 50,000)
Balances, December 31 P 600,000 P1,400,000 P 120,000 P 160,000 P2,280,000
2014:
Issued 5,000 PS @ P130 500,000 150,000 650,000
Issued 100,000 OS @ P10 1,000,000 1,000,000
Profit for the year 600,000 600,000
Dividends:
PS – 1,100,000 x 5% ( 55,000) ( 55,000)
OS - 300,000 shares x P.50 ( 150,000) ( 150,000)
Balances, December 31 P1,100,000 P2,400,000 P 270,000 P 555,000 P4,325,000

MMM Corp.
Shareholders’ Equity
December 31, 2014
Contributed Capital:
Ordinary Share Capital, P20 par, 200,000 shares authorized,
all issued and outstanding P4,000,000
Ordinary Share Premium 1,280,000 P5,280,000
Retained Earnings 500,000
Total Shareholders’ Equity P5,780,000

VVV Inc.
Shareholders’ Equity
December 31, 2014
Contributed Capital:
5% Preference Share Capital, P100 par, 200,000 shares authorized,
11,000 shares issued and outstanding P1,100,000
Ordinary Share Capital, no par, no Stated Value 500,000 shares
authorized,
300,000 shares issued and outstanding 2,400,000
Preference Share Premium 270,000 P3,770,000
Retained Earnings 555,000
Total Shareholders’ Equity P4,325,000
APC – Chapter 9 (2014 edition) page 9

P 9-3
DEF Corporation
Balance Sheet
December 31, 2014

Assets
Current Assets:
Cash P 200,000
Accounts Receivable P 100,000
Less Allowance for Doubtful Accounts 10,000 90,000
Merchandise Inventory 210,000
Store Supplies 5,000
Office Supplies 4,000
Prepaid Insurance 12,000
Total Current Assets P 521,000
Noncurrent Assets:
Land P1,000,000
Office Equipment, net of Accumulated Depreciation of P45,000 105,000
Store Equipment, net of Accumulated Depreciation of P75,000 175,000 1,280,000
Total assets P1,801,000

Liabilities
Current Liabilities:
Accounts Payable P 75,000
Income Tax Payable 139,800
Salaries Payable 12,000
Total Liabilities P 226,800

Shareholders’ Equity
Contributed Capital:
Ordinary Share Capital, P20 par, 50,000 shares
issued and outstanding P1,000,000
Ordinary Share Capital 100,000
Total Contributed Capital P1,100,000
Retained Earnings 474,200
Total Shareholders’ Equity 1,574,200
Total Liabilities and Shareholders’ Equity P1,801,000

DEF Corporation
Statement of Changes in Shareholders’ Equity
For the Year Ended December 31, 2010
Ordinary Ordinary Retained
Share Capital Share Premium Earnings Total
Balances, Jan. 1 P 980,000 P 95,000 P228,000 P1,303,000
Issuance of CS 20,000 5,000 25,000
Declaration and dist. of dividends ( 80,000) ( 80,000)
Profit for 2014 326,200 326,200
Balances, Dec. 31 P1,000,000 P100,000 P474,200 P1,574,200
APC – Chapter 9 (2014 edition) page 10

DEF Corporation
Income Statement
For the Year Ended December 31, 2014
Sales (net of discounts of P50,000) P2,450,000
Cost of Goods Sold:
Merchandise Inventory, Jan. 1 P 150,000
Purchases (net of ret. and allow. of P100,000) 1,300,000
Cost of Goods available for Sale P1,450,000
Less Merchandise Inventory, Dec. 31 210,000 1,240,000
Gross Profit P1,210,000
Selling Expenses:
Sales Salaries P258,000
Advertising 75,000
Delivery 50,000
Store Supplies 10,000
Depreciation – Store Equipment 25,000
Miscellaneous 20,000 (438,000)
Administrative Expenses:
Office Salaries P189,000
Light and Power 60,000
Insurance 18,000
Depreciation – Office Equipment 15,000
Office Supplies 6,000
Miscellaneous 18,000 (306,000)
Profit before Income Tax P 466,000
Income Tax (30%) 139,800
Profit P 326,200

Earnings per share P326,200/ 50,000 shares P6.524

3. Adjusting Entries

Merchandise Inventory 210,000

Income Summary 210,000

Income Summary 150,000

Merchandise Inventory 150,000

Store Supplies Expense 10,000

Office Supplies Expense 6,000
Store Supplies 10,000
Office Supplies 6,000

Store Salaries 8,000

Office Salaries 4,000
Salaries Payable 12,000
APC – Chapter 9 (2014 edition) page 11

Depreciation Expense – Store Equipment 25,000

Depreciation Expense – Office Equipment 15,000
Accumulated Depreciation – Store Equipment 25,000
Accumulated Depreciation – Office Equipment 15,000

Insurance Expense 18,000

Prepaid Insurance 18,000

Income Tax 139,800

Income Tax Payable 139,800

Closing Entries
Sales 2,500,000
Purchases Returns and Allowances 100,000
Sales Discount 50,000
Purchases 1,400,000
Sales Salaries 258,000
Advertising 75,000
Delivery 50,000
Store Supplies Expense 10,000
Depreciation Expense – Store Equipment 25,000
Miscellaneous Expenses 20,000
Office Salaries 189,000
Light and Power 60,000
Insurance 18,000
Depreciation Expense – Office Equipment 15,000
Office Supplies Expense 6,000
Miscellaneous Administrative Expenses 18,000
Income Taxes 139,800
Income Summary 266,200

Income Summary 326,200

Retained Earnings 326,200

P9-4
PS OS TOTAL
2012
Regular dividend P200,000 P100,000 P300,000
Balance – P150,000
PS – 2/3; OS –1/3 100,000 50,000 150,000
Total P300,000 P150,000 P450,000
Dividends per share P15.00 P3.00
2013
Regular dividend P200,000 P100,000 P300,000
Balance – P450,000
PS – 2/3; OS –1/3 300,000 150,000 450,000
Total P500,000 P250,000 P750,000
Dividends per share P25.00 P5.00
APC – Chapter 9 (2014 edition) page 12

PS OS TOTAL
2014
Regular dividend P 200,000 P100,000 P 300,000
Balance – P1,400,000
PS – 2/3; OS –1/3 933,333 466,667 1,400,000
Total P1,133,333 P566,667 P1,700,000
Dividends per share P56.67 P11.33

2.
PS OS TOTAL
2012
Dividends in arrears P400,000 --- P400,000
Current dividends 50,000 --- 50,000
Total P450,000 P –0-- P450,000
Dividends per share P22.50 P—0--
2013
Dividends in arrears P150,000 ---- P150,000
Current dividends 200,000 200,000
Balance – to Ordinary P400,000 400,000
Total P350,000 P400,000 P750,000
Dividends per share P17.50 P8.00
2014
Current dividends P200,000 P 200,000
Balance – to ordinary P1,500,000 1,500,000
Total P200,000 P1,500,000 P1,700,000
Dividends per share P10.00 P30.00

3.
2012 PS OS Total
Dividends in arrears P240,000 P240,000
Regular dividends 80,000 P40,000 120,000
Balance – P90,000
PS – 10/15; OS 5/15 60,000 30,000 90,000
Total P380,000 P70,000 P450,000
Dividends per share P38.00 P7.00
2013
Regular dividends P 80,000 P 40,000 P120,000
Balance – P630,000
PS – 10/15; OS 5/15 420,000 210,000 630,000
Total P500,000 P250,000 P750,000
Dividends per share P50.00 P25.00
2014
Regular dividends P 80,000 P 40,000 P 120,000
Balance – P1,580,000
PS – 10/15; OS 5/15 1,053,333 526,667 1,580,000
Total P1,133,333 P566,667 P1,700,000
Dividends per share P113.33 P56.67
APC – Chapter 9 (2014 edition) page 13

4.
2012 PS OS Total
Dividends in arrears P240,000 P240,000
Regular dividends 80,000 P40,000 120,000
Balance – P90,000 50,000 40,000 90,000
Total P370,000 P80,000 P450,000
Dividends per share P37.00 P8.00
2013
Regular dividends P 80,000 P 40,000 P120,000
Balance – P630,000 50,000 580,000 630,000
Total P130,000 P620,000 P750,000
Dividends per share P13.00 P62.00
2014
Regular dividends P 80,000 P 40,000 P 120,000
Balance – P1,580,000 50,000 1,530,000 1,580,000
Total P 130,000 P1,570,000 P1,700,000
Dividends per share P13.00 P157.00

P 9-5
1. Total Shareholders’ Equity P2,300,000
Less Equity identified with PS (10,000 sh @ P30) 300,000
Equity identified with OS P2,000,000

BV per share
PS P 30.00
OS (P2,000,000 / 100,000 sh) P 20.00

2. Total Shareholders’ Equity P2,300,000

Less Equity identified with PS
Liquidation value (10,000 sh @ P25) P250,000
Div. in arrears (P25,000 x 5 yrs.) 125,000 375,000
Equity identified with OS P1,925,000
BV per share
PS P 37.50
OS (P1,925,000,000 / 100,000 sh) P 19.25

P9-6
a. Profit P20,000
Less Earnings identified with PS (10,000 sh @ P25 x 10%) 20,000
Earnings identified with OS -----

b. Profit P75,000
Less Earnings identified with PS (10,000 sh @ P25 x 10%) 25,000
Equity identified with OS P50,000

Earnings per share

(P50,000 / 100,000 sh) P .50
APC – Chapter 9 (2014 edition) page 14

c. Profit P120,000
Less Earnings identified with PS (10,000 sh @ P25 x 10%) 25,000
Equity identified with OS P95,000

Earnings per share

(P95,000 / 100,000 sh) P .95

d. Profit P300,000
Less Earnings identified with PS (10,000 sh @ P25 x 10%) 25,000
Earnings identified with OS P275,000

Earnings per share

(P275,000 / 100,000 sh) P 2.75

P 9-7
Contributed Capital:
10% PS, P100 par, 25,000 shares authorized,
12,000 shares issued and outstanding P 1,200,000
OS, P10 par, 500,000 shares authorized,
300,000 shares issued and outstanding 3,000,000
OS Dividend Distributable, 35,000 shares 350,000
OS Subscribed, 10,000 shares 100,000
Preference share Premium 120,000
Ordinary Share Premium 300,000
PIC from Stock Dividend 105,000
Total Contributed Capital P5,175,000
Retained Earnings
Appropriated for contingencies P250,000
Appropriated for Bond Retirement 300,000
Total P550,000
Unappropriated 600,000 1,150,000
Total Shareholders’ Equity P6,325,000

Multiple Choice
1. B 4. C 7. B 10. B 13. C 16. A 19. A
2. B 5. A 8. C 11. A 14. D 17. B 20. D
3. B 6. A 9. D 12. D 15. B 18. C

TM 32
1. T 5. F 9. F 13. T 17. T
2. T 6. F 10. F 14. T 18. F
3. T 7. F 11. T 15. F 19. T
4. T 8. F 12. F 16. F 20. F
APC – Chapter 9 (2014 edition) page 15

TM 33
1. Contributed capital 11. Deficit
2. Share Capital 12. Book value per share
3. Share premium 13. Unappropriated retained earnings
4. Liquidating dividend 14. Retained earnings
5. Scrip dividend 15. Participating preference share capital
6. Dividends 16. Paid-in Capital from share capital dividend
7. Appropriated retained earnings 17. Fair value
8. Property dividend 18. Share Capital Dividend Distributable
9. Small share capital dividend 19. Share capital Dividend
10. Dividends in arrears 20. Earnings per share

TM 34
1. A 6. C 11. C 16. A 21. D
2. B 7. A 12. C 17. C 22. B
3. D 8. A 13. D 18. B 23. A
4. D 9. D 14. D 19. C 24. B
5. B 10. A 15. D 20. A

TM 35
1. C ABC – P5.00; DEF – P12.00
2. D P252,000 + P116,550 + P118,420 + P116,000 + P12,000 = P614,970
3. B P614,970 + P38,390 = P653,360
4. B 400 sh x P50 x 6% = P1,200
5. A PS = P48,000; CS – P180,000 – P48,000 = P132,000
6. A PS = P48,000 / 6,000 = P8.00; CS = P132,000 /12,000 = P11.00
7. B P801,400 – P601,100 = P200,300
8. B 60,000 x 40% x P20 = P480,000
9. A P480,000/60,000 sh
10. B 60,000 sh X10% (4/40) x P30 (P50-P20) = P180,000

TM 36
1. P3,750,000 75,000 sh x P50
2. P1,500,000 75,000 sh x P20
3. P5,250,000 P3,750,000 + P1,500,000 OR 75,000 sh x P70
4. P250,000 P1,000,000 – P750,000
5. P5,500,000 P5,250,000 + P250,000
6. P73.33 P5,500,000/75,000
7. P10.00 P750,000/75,000
8. P13.33 P1,000,000/75,000

TM 37
1. P4.00 P50 x 8%
2. P24,450,000 P450,000 + P16,000,000 + P8,000,000
3. 9,000 sh P450,000 / P50
4. 1,600,000 sh P16,000,000 / P10
5. P72,000 P450,000 x 8% x 2 years
6. P68 LV + Div. in arrears = P60 + (P4 x 2 years) = P68
7. P16.77 P27,450,000 – [(9,000 x 68)] = P26,838,000/ 1,600,000 sh
APC – Chapter 9 (2014 edition) page 16

TM 38
Year Share
capital Case1 Case 2 Case 3 Case 4

2010 Preference P114,286 P114,286 P 60,000 P 60,000

Ordinary 285,714 285,714 340,000 340,000

2011 Preference P 64,286 P64,286 P60,000 P60,000

Ordinary 160,714 160,714 165,000 165,000

2012 Preference P37,500 P37,500 P37,500 P37,500

Ordinary --------- --------- ----------- ----------

2013 Preference P75,000 P60,000 P75,000 P60,000

Ordinary --------- 15,000 ---------- 15,000

2014 Preference P 91,071 P 85,714 P 67,500 P 60,000

Ordinary 208,929 214,286 232,500 240,000