See the attached image for information:a. How many treasury shares are held by the corporation as of December 31, 2021? (Provide solution)b. How much is the total shareholders’ equity as of December 31, 2021? (Provide solution) The shareholders' equity of Laguz Inc. as of January 1, 2021, is as follows:Share CapitalOrdinary Shares, P6 par valueP1,500,0001,000,000 shares authorized, 250,000shares issued and outstandingShare Premium - Ordinary820,000Total Share CapitalP2,320,000970,000Retained Earnings - UnappropriatedTotal Shareholders' EquityP3,290,000Transactions for the year 2021 were as follows:Jan. 5Jan. 10The board of directors declared a 2-for-1 share split.The board of directors obtained authorization to issue50,000 non-cumulative 6% preference shares with a parvalue of P100.Feb. 3Issued 12,000 ordinary shares for a building appraised atP96,000.Mar. 15Purchased 8,000 ordinary shares for P64,000.Apr. 6Issued 20,000 preference shares for P100 per share.Sold 5,000 treasury shares for P35,000.May 10Jun. 19Declared cash dividends of P6 per preference share andP0.20 per ordinary share.Jul. 14Date of record for the dividends.Aug. 18Sept. 22Paid the preference and ordinary shares cash dividends.Declared a 10% share dividend on ordinary shares. Themarket value was P10 per share.Nov. 20The share dividend was distributed to the ordinaryshareholders.Dec. 31The profit for the year was P340,000

Following worksheet is prepared for calculation of required information: Date Ordinary…

See the attached image for information: a. How many treasury shares are held by the corporation as of December 31, 2021? (Provide solution) b. How much is the total shareholders’ equity as of December 31, 2021? (Provide solution)

See the attached image for information: a. How many treasury shares are held by the corporation as of December 31, 2021? (Provide solution) b. How much is the total shareholders’ equity as of December 31, 2021? (Provide solution)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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