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NAME: SCORE: SECTION: PROFESSOR: Problem #27 Entries for Selected Corporate Transactions Bacalso Enterprises, Inc. manufactures bathroom fixtures. The shareholders' equity accounts with balances as of Jan. 1, 2018 are as follows: Ordinary Shares, P25 stated value, 100,000 shares authorized, 50,000 shares issued P1,250,000 Share Premium 250,000 Appropriation for Plant Expansion 150,000 Appropriation for Treasury Stock 80,000 Retained Earnings 725,000 Treasury Stock, 2,500 shares, at cost 80,000 The following selected transactions occurred during the year: Jan. 20 Received donated land with a fair market value of P100,000. 29 Paid cash dividends of P1 per share on the ordinary shares. The dividend had been properly recorded when declared on Dec. 30 of the preceding fiscal year for P47,500. Mar. 3 Sold all of the treasury stock for P95,000. Apr. 1 Issued 6,000 ordinary shares for P240,000. July 1 Declared a 2% share dividend on ordinary shares, to be capitalized at the market price of the stock, which is P40 a share. Aug. 11 Issued the certificates for the dividend declared on July 1. Nov. 20 Purchased 2,000 shares of treasury stock for P,72,000. Dec. 21 The board of directors authorized an increase of the appropriation for plant expansion by P50,000. 21 Declared a P0.50 per share dividend on ordinary shares. 21 Decreased the appropriation for treasury stock to P72,000. 31 Closed the credit balance of the income summary account, P169,400. 31 Closed the two dividends accounts to Retained Earnings. Required: 1. Enter the Jan. 1 balances in T-accounts for the shareholders' equity accounts. 2. Journalize and post the transactions. Dec. 31, 2018. 3. Prepare the shareholders' equity section of the statement of financial position as