At Dec. 31, 2018 and 2019, L. Pestano Corp. had outstanding 2,000 shares of P1,000 par value, 6% cumulative preference shares and 10,000 shares of P100 par value ordinary shares. At Dec. 31, 2018, dividends in arrears on the preference shares were P60,000. Cash dividends declared in 2019 totaled P220,000. What amounts were payable on each class of stock?                              Preference shares          Ordinary shares                              a. P120,000                           P100,000                              b. P160,000                           P60,000                              c. P180,000                           P40,000                              d. P220,000                           P-0- What is the best answer? Explain why each of the other choices is not the answer

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