The shareholders' equity section of Good Life Company shows the following on December 31, 2018: Ordinary shares, PIO par value; authorized 1,500,000 shares; issued and outstanding 900,000 shares Share Premium Retained earnings Total shareholders' equity 750,000 2 700 ooo P 12.450.ooo Transactions during 2019 and other information relating to the shareholders' equity accounts were as follows: On January 2, Good life reacquired 75,000 shares of its ordinary shares for PII per share. On May 14, Good life sold 45,000 shares of its treasury shares for P14 per share. On June 15, Good life declared a cash dividend of P1 per share, payable on July 15, 2019 to shareholders of record on June 30, 2019. On December 20, 30,000 shares were issued in exchange for second hand equipment. It originally cost P500,OOO, was carried by the previous owner at a book value of P300,OOO, and was recently appraised at P390,OOO. Net income for 2019 was P850,ooo.