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Share dividends 3. Summer Co. has 600,000 ( P10 par) ordinary shares issued and outstanding. The current fair value per share is P25. Case 1: If Summer Co. declares share dividends in the ratio of 2 new shares for every 5 shares held, what would be the journal entries on the dates of declaration, record and distribution? Case 2: If Summer Co. declares share dividends in the ratio of 1 new share for every 6 shares held, what would be the journal entries on the dates of declaration, record and distribution? Preference over dividends 4. Rainbow Co. has 100,000 ( 50 par) 6% preference shares and 250,000 (P40 par) ordinary shares outstanding since it started operations three years ago. Rainbow Co. has never declared dividends. In Year 3, Rainbow Co. plans to declare P2,000,000 dividends. What amounts of dividends would the preference and ordinary shareholders receive, respectively, if the preference shares are: a) Noncumulative and non-participating? b) Cumulative and non-participating? c) Noncumulative and participating? d) Cumulative and participating? e) Cumulative and participating up to 16% ? f) Cumulative and non-participating and Rainbow Co. declared total cash dividends of P100,000 in Year 1 and P80,000 in Year 2 ? More than one class of preference shares 5. Typhoon Co. has 100,000 ( P50 par, cumulative and participating) 6\% preference shares, 50,000 (P60 par, noncumulative and participating) 3% preference shares and 250,000 ( P40 par) ordinary shares. Dividends are in arrears for 3 years, inclusive of the current year. If Typhoon Co. declares P2,000,000 cash dividends in the current year, what amounts of dividends would the different classes of shares receive