Compute for the amount/s asked by each problem. Final answers should be written on the answer sheet provided with this questionnaire. Solutions are to be written in a separate sheet of paper to be submitted along with the answer sheet. Each item is worth 2 points.

PROBLEM 1: Corsair, Inc. was organized on January 2, 2010, with authorized share capital of 50,000 shares of 10%, P200 par value preference and 200,000 shares of no-par, P5 stated value ordinary. During the first 2 years of the company existence, the following selected transactions took place:

2010
Jan.	2	Sold 10,000 ordinary shares at P16.
	2	Sold 3,000 preference shares at P216.
Mar.	2	Sold ordinary shares as follows: 10,800 shares at P22; 2,700 shares at P25.
July	10	Acquired a nearby piece of land, appraised at P400,000, for 600 preference shares and 27,000 ordinary shares. Preference share capital was recorded at P216, the balance being assigned to ordinary.
Dec.	16	Declared the regular preference share dividend and a P1.50 ordinary share dividend.
	28	Paid dividends declared on December 16.
	31	The income summary account showed a credit balance of P450,000.
2011
Feb.	27	Reacquired 12,000 ordinary shares at P19.
June	17	Resold 10,000 treasury shares at P23.
July	31	Resold all of the remaining treasury shares at P18.
Sep.	30	Sold 11,000 additional ordinary shares at P21.
Dec.	16	Declared the regular preference share dividend and a P0.80 ordinary share dividend.
	28	Dividends declared on December 16 were paid.
	31	The income summary account showed a credit balance of P420,000.

1. The total share capital as of December 31, 2011 is: 1,027,500
2. The total share premium as of December 31, 2011 is: 754,600
3. The total retained earnings as of December 31, 2011 is: 601,050
4. The total number of outstanding shares is: 65,100
5. The total equity as of December 31, 2011 is: 2,383,100