please answer numbers 4 and 5 only

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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please answer numbers 4 and 5 only 

The shareholders' equity of Garnet Corporation on December 31, 2021 showed the
following items:
8% Preference Share Capital par P100, 20,000 shares authorized, 16,000 shares issued and
outstanding
P1,600,000
Ordinary Share Capital par P200, 20,000 shares authorized, 16,000 shares issued and
outstanding
3,200,000
Share Premium - Preference
80,000
Share Premium - Ordinary
320,000
Retained Earnings
1,300,000
Dividends declared in 2021 was P800,000. No dividends were declared from January 1,
2018.
Determine dividends paid to preference shareholders and ordinary shareholders in total and
per share in 2021, assuming preference shares are:
1. non-cumulative, non-participating
2. cumulative, non-participating
3. non-cumulative, fully participating
4. cumulative, fully participating
5. cumulative, participating up to 10% only
Transcribed Image Text:The shareholders' equity of Garnet Corporation on December 31, 2021 showed the following items: 8% Preference Share Capital par P100, 20,000 shares authorized, 16,000 shares issued and outstanding P1,600,000 Ordinary Share Capital par P200, 20,000 shares authorized, 16,000 shares issued and outstanding 3,200,000 Share Premium - Preference 80,000 Share Premium - Ordinary 320,000 Retained Earnings 1,300,000 Dividends declared in 2021 was P800,000. No dividends were declared from January 1, 2018. Determine dividends paid to preference shareholders and ordinary shareholders in total and per share in 2021, assuming preference shares are: 1. non-cumulative, non-participating 2. cumulative, non-participating 3. non-cumulative, fully participating 4. cumulative, fully participating 5. cumulative, participating up to 10% only
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