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1. Presented below is the shareholders' equity section of the Caper Company on January 1, 2008. (V7-28) Share capital, par value P20 authorized 50,000 shares; issued and outstanding, 30,000 shares P600,000 Share premium 150,000 Retained earnings 230,000 During 2008, the following transactions occurred relating to shareholders' equity. *1,000 shares were reacquired at P28 per share. *900 shares were reacquired at P30 per share. *1,500 shares of treasury were sold at P32 per share. For the year ended December 31, 2008, Caper reported net income of P110,000. What should the company report as total shareholders' equity on the December 31, 2008 statement of financial position? a. P1,071,000 b. P1,078,000 c. P1,083,000 d. P973,000 2. Sam Company was incorporated on January I, 2008. The following information pertains to ordinary share capital transactions. ( V7-32) Jan. 1 Number of shares authorized 100,000 Feb. 1 Number of shares issued 80,000 July 1 Number of shares reacquired but not canceled 10,000 Dec. 1 Two-for-one share split At December 31, 2008, the number of ordinary shares outstanding is a. 140,000 b. 160,000 c. 150,000 d. 180,000