Answer problems 3-5 show solution

PROBLEM 3 On January 1, 2019, Puroland Corporation was incorporated, with 100,000 authorized ordinary shares of P100 par value. On the same date, 50,000 shares were sold and issued at P110 per share. On May 14, the corporation reacquired 800 ordinary shares at P120 per share. On September 16, 500 treasury shares were sold at P110. At the end of the year, the corporation realized a net income of P950,000. Out of unrestricted retained earnings, cash dividend of P300,000 was paid and P150,000 was appropriated for contingencies. REQUIRED: How much is total shareholders' equity as of December 31, 2019? PROBLEM 4 Presented below are balances taken from the records of Sanso Corporation, as of December 31, 2019: 10% Preference Share Capital, cumulative, P100 par value P1,000,000 . . . . . Subscribed Preference Share Capital 750,000 Subscriptions Receivable-Preference 450,000 Ordinary Share Capital, P50 par value 920,000 Subscribed Ordinary Share Capital 650,000 . Subscriptions Receivable-Ordinary 220,000 Accumulated Profits 2,410,000 Treasury Share-Ordinary, 500 shares 35,000 REQUIRED: How much is total shareholders' equity as of December 31, 2019? PROBLEM 5 Shown below are balances from the records of Sumo Corporation, as of December 31, 2019, unless otherwise stated. 12% Preference Share Capital, cumulative, P120 par value P 960,000 Subscribed Preference Share Capital . . Subscriptions Receivable-Preference 600,000 Ordinary Share Capital, P60 par value 320,000 Subscribed Ordinary Share Capital 600,000 Subscriptions Receivable-Ordinary 720,000 Accumulated Profits, January 1,2019 340,000 Net income for 2019 1,980,000 Treasury Share-Ordinary, 1,200 shares 795,000 74, 400 REQUIRED: How much is total shareholders' equity as of December 31, 2019