 In 2019, Rea Company issued 5,000 shares of P90 par value for P100

per share. In 2020, Rea acquired 2,000 of its

shares at P150 per share and immediately cancelled these 2,000
shares. In connection with the retirement of these 2,000 shares, Rea
should debit
P20,000 Share Premium; P 100,000 Retained Earnings
*Share Capital {2,000x90} 180,000
Share premiuim {2,000x{100-90}} 20,000
Retained Earnings 100,000
Cash{2,000x150} 300,000

 Sam Company was incorporated on January 1, 2020. The following

information pertains to ordinary share capital transactions:
January 1 - Number of shares authorized ...... 100,000
February 1 - Number of shares issued ...........… 80,000
July 1 - Number of shares reacquired but not cancelled 20,000
July 15 - Number of shares reacquired but cancelled 5,000
December 1 - Two for one share split on December 31, 2020,
What is the number of ordinary shares outstanding?

110,000

* ordinary shares outstanding

February 1 - Number of shares issued 80,000
July 1 - Treasury {20,000}
July 15 - Retirement {5,000}
55,000
December 1 - Two for one share split on x 2
110,000
The shareholders’ equity section of the Yellow Bell Company as of
December 31, 2013 was as follows:
Ordinary Share, P10 par, 20,000 shares authorized.
10,000 shares issued and outstanding ............P100,000
Share Premium ...................................................... 30,000
Retained Earnings ................................................ 90,000
On February 1, 2014, the Board of Directors declared a 10% stock
dividend. On this date, the market value of the ordinary share was P15 per
share. On March 31, 2014 the date of issuance the market value of the
ordinary share is P20 par. How much is the retained earnings balance after
the of issuance of dividend?

P75,000

*Retained Earnings {10%x15/sharex10,000} 15,000

Stock dividends payable {10%x10parx10,000} 10,000
share premium 5,000

Retained Earnings ................................................ 90,000

Less: *Retained Earnings {10%x15/sharex10,000} 15,000

75,000

 The shareholders’ equity of Ilang-Ilang Company on December 31,

2013 follows:
10% Preference Share Capital, P50 par, 5,000 shares
issued
andoutstanding ......................................................... P 250,000
Ordinary Share Capital, P30 par, 50,000 shares .
issued and
outstanding ......................................................... 1,500,000
Share Premium -
Preference ...............................................` 25,000
 Share Premium -
Ordinary ................................................... 125,000
RetainedEarnings ................................................................ 100,
000
Preference share is cumulative with dividend in arrears for 5 years at the
beginning of 2013, and with liquidation value of P60 per share.
Book values per share on preference share and ordinary share,
respectively are:

Total shareholders’ equity

Preference Share Capital P 250,000
Ordinary Share Capital 1,500,000
Share Premium - Preference 25,000
Share Premium -Ordinary 125,000
Retained Earnings 100,000
2,000,000

Total shareholders’ equity 2,000,000

Less: Equity identified with preference shares:
Liquidation value (5,000 x P60) 300,000
Current dividend(5,000 x P50 par x10%x5yrs) 125,000 425,000
Equity for ordinary shares 1,575,000
Book values per share:
Preference share (425,000/5,000) = P85
Ordinary share (1,575,000/50,000) = P 31.5

 Vision’ s shareholders’ equity accounts immediately before issuance of

the share split shares were as follows:
Share capital, par value
P20; 100,000 shares P1,000,000
authorized; 50,000 shares
issued

Share premium (P3 per

150,000
share on issuance)

Retained earnings 1,350,000

Treasury Shares at cost

250,000
P25

On June 1, 2020, the shareholders of Vision’s Company approved a three-

for-one split of the entity’s share capital. How much would be the number
of share outstanding immediately after the share split is effected?
* shares issued 50,000
less: treasury shares
{250,000/P25} {10,000}
40,000
{three-for-one split} x 3
share outstanding 120,000
Immediately
after the share
split


Beauty Company’s shareholders’ equity accounts on January 1, 2020
were as follows:
Share capital, P20 par ............................. P8,000,000
Share premium ........................................ 2,400,000
Retained earnings ................................... 1,275,000
All shares outstanding on January 1, 2020 were issued in 2019 for P26 a
share. On
December 31, 2020, Beauty Company reacquired 20,000 shares at P28 a
share and
retired them. Immediately after the shares were retired, what is the balance in
the
“share premium”?
December 31, 2020 Share capital{20,000 x P20 par } 400,000
Share premium{20,000 x P6} 120,000
Retained Earnings 40,000
Cash{20,000 x P28 } 560,000
January 1, 2020 Share premium 2,400,000
December 31, 2020 Share premium{20,000 x P6} { 120,000}
2,280,000

 Beauty Company’s shareholders’ equity accounts on January 1, 2020

were as follows:
Share capital, P20 par ............................. P8,000,000
Share premium ........................................ 2,400,000
Retained earnings ................................... 1,275,000
All shares outstanding on January 1, 2020 were issued in 2019 for P26 a
share. On December 31, 2020, Beauty Company reacquired 20,000 shares
at P28 a share and retired them. Immediately after the shares were
retired,how much is the total amount of Beauty Company’s shareholders’
equity account?

December 31, 2020 Share capital{20,000 x P20 par } 400,000

Share premium{20,000 x P6} 120,000
Retained Earnings 40,000
Cash{20,000 x P28 } 560,000
January 1, 2020
Share capital, P20 par ...........…P8,000,000- 400,000= 7,600,000
Share premium ......… 2,400,000 - 120,000= 2,280,000
Retained earnings ..................... 1,275,000- 40,000= 1,235,000
11,115,000
 The shareholders’ equity section of the Yellow Bell Company as of December
31, 2013 was as follows:
Ordinary Share, P10 par, 20,000 shares authorized.
10,000 shares issued and outstanding ....................................P100,000
Share
Premium ............................................................................... 30,000
Retained
Earnings .......................................................................... 90,000

On February 1, 2014, the Board of Directors declared a 10% stock

dividend. On this date, the market value of the ordinary share was P15 per
share. On March 31, 2014 the date of issuance the market value of the
ordinary share is P20 par. How much is the total shareholders’ equity after the
issuance of dividend. 2014?
*Retained Earnings {10%x15/sharex10,000} 15,000
Stock dividends payable {10%x10parx10,000} 10,000
share premium 5,000

Retained Earnings ................................................ 90,000

Less: *Retained Earnings {10%x15/sharex10,000} 15,000

* 75,000

Total Shareholders Equity

Ordinary Share .P100,000
Share Premium ......... 30,000
Retained Earnings *75,000
205,000

 On June1 of the current year, Perry Company declared a 1 for 5 reverse

share split, when the market value of share was P80. Prior to the split,
Perry had 50,000 shares of P20 par value issued and outstanding.
What is the par value of share after the share split?
P20 par x 5 { 1 for 5 reverse share split} = P100
 Creamer Company had 90,000 ordinary shares outstanding in January
2020. The entity
distributed a 15% stock dividend in March and a 10% stock dividend in June.
After
acquiring 10,000 shares of treasury in July, the entity split the share 4 for 1 in
December. How many ordinary shares are outstanding on December 31,
2020?

January 2020 90,000 ordinary shares

X 15% stock dividend in March
13,500 shares March
JANUARY 90,000SHARES
ADD:MARCH 13,500 SHARES
OUTSTANDING 103,500 SHARES
103,500 SHARES OUTSTANDING
X 10% stock dividend in June.
10, 350 JUNE

JAN 90,000
MAR 13,500
JUNE 10,350
JULY {10,000} -TREASURY
103,850SHARES
DEC X 4 FOR 1 STOCK SPLIT
415,400 SHARES
Cattleya Corporation owned 50,000, P5par value shares of Apple Company
trading securities. On December 31, 2013, Cattleya distributed these shares
to its shareholders as dividend. Cattleya originally paid P6 for each Apple
share. The quoted market price for each share was P8 on declaration date
and P12 on distribution date.
What is the gain to be recognized in the distribution of dividend under IFRIC
17?
 originally paid P6 for each Apple share
 owned 50,000
50,000 SHARES X P6/ Apple share = 300,000
 The shareholders’ equity of Oleander, Inc. on December 31, 2013, follows:
12% Preference Share Capital, P100 par, 20,000
shares issued and
outstanding ……………………………………..P2,000,000
Ordinary Share Capital, P25 par, 200,000 shares
issued and
outstanding ……………………………………………. 5,000,000
Share
Premium ………………………………………………………………… 500,000
Retained
Earnings ……………………………………………………………… 750,000
Preference shares have a liquidation value of P110, cumulative, with
dividends in arrears for three years including the current year and fully
payable in the event of liquidation.
Book values per share on preference share and ordinary share,
respectively are:

Total shareholders’ equity

Preference Share Capital P 2,000,000
Ordinary Share Capital 5,000,000
Share Premium 500,000
Retained Earnings 750,000
8,250,000
Total shareholders’ equity 8,250,000
Less: Equity identified with preference shares:
Liquidation value (20,000 x P110) 2,200,000
Current dividend(20,000 x P100 par x12%x3yrs) 720,000 2,920,000
Equity for ordinary shares 5,330,000
Book values per share:
Preference share ( 2,920,000/20,000) = P146
Ordinary share ( 5,330,000 /200,000) = P 26.65

 Rose Company had 50,000 ordinary shares issued and outstanding on

December 31, 2012. During 2012, no additional ordinary share was
issued.
On January 1, 2013, Rose issued 40,000 6% preference shares. During 2013,
Rose declared and paid P210,000 cash dividend on the ordinary shares and
P120,000 on the preference shares. Net income for 2013 was P750,000.
What should be the 2013 earnings per share?
BASIC EPS= 750,000 − 120,000PREF / 50,000 ORDI =P12.6

 On September 30, 2013, Green Company issued 4,000 shares of its P100
par share capital in connection with a stock dividend. The market value
per share on the date of declaration was P150. Green’s shareholders’
equity accounts immediately before the issuance of the stock dividend
shares were as follows:
Share Capital, P100 par, 50,000 shares authorized,
20,000 shares outstanding ..................................................P2,000,000
Share Premium........................................................................ 3,000,000
Retained Earnings ................................................................. 1,400,000
What should be the retained earnings balance immediately after the stock
dividend?
Retained Earnings {4,000 X P100 } 400,000
Stock dividends payable 400,000

Retained Earnings ...... 1,400,000

DECLARED {400,000}
1,000,000
Bea Company issued 200,000 ordinary shares when it began operations in
2018 and issued an additional 100,000 ordinary shares in 2019. Bea
also issued 100,000 ordinary shares in exchange with 50,000 convertible
preference shares. In 2020, Bea purchased 75,000 ordinary shares and held
as treasury. On December 31, 2020, how many ordinary shares were
outstanding?

325,000

*2018 200,000 ordinary shares

2019 100,000 ordinary shares
100,000 ordinary shares
400,000 SHARES
2020 {75,000} ordinary shares and held as treasury
325,000

Neat Company issued 200,000 ordinary share. Of these, 5,000 shares were
held as treasury on January 5, 2020. During 2020, transactions were as
follows:
May 1 - 1,000 treasury shares were sold.
August 1 -20,000 unissued shares were sold.
November 1 - A 2 for 1 share split took effect.
On December 31, 2020, how many shares were issued and outstanding?
ISSUED
January 5, 2020 200,000
August 1 20,000
220,000
November 1 2 for 1 share split took effect.
440,000 ISSUED
OUTSTANDING
January 5, 2020 issued 200,000
treasury { 5,000 }
May 1 treasury shares were sold. 1,000
August 1 -20,000 unissued shares were sold. 20,000
216,000
November 1 2 for 1 share split took effect.
432,000 OUTSTANDING

 The Orchids Company was organized on January 2, 2013, and issued the
following shares:
100,000 shares of P10 par ordinary share, at P24 per share
25,000 shares of P20 par, 6% cumulative preference share, at P50 per
share
The net income for 2013 was P420,000 and cash dividends of P100,000 were
declared and paid in 2013. What were the dividends paid on the preference
share and ordinary share, respectively?
P30,000 and P70,000

TotaL Preference Ordinary

Total Dividends 100,000
Regular (6% x P20x 25,000) ( 30,000) 30,000
Balance – to Ordinary (70,000) 70,000
Total - 30,000 70,000
Shares outstanding 25,000 100,000
Dividend per share (a/b) P1.2 P 0.7
 Vision’ s shareholders’ equity accounts immediately before issuance of
the share split shares were as follows:

Share capital, par value P20; 100,000 shares P1,000,000

authorized; 50,000 shares issued

Share premium (P3 per share on issuance) 150,000

Retained earnings 1,450,000

On June 1, 2020, the shareholders of Vision’s Company approved a two-for-

one split of the entity’s share capital. What should be the balances in Vision’s
share premium and retained earnings accounts immediately after the share
split is effected?

Share Premium P150,000; Retained Earning P1,450,000

*NO EFFECT AFTER THE SHARE SPLIT

B Corporation issued 10,000 ordinary shares, par value P 10 in exchange for

equipment. At the date of exchange, stocks are selling at P 15 and no market
value is known for the equipment. The journal entry include which of the
following?
debit to equipment P150,000

*EQUIPMENT {10,000 X P 15/SSHARE} 150,000
ORDINARY SHARE CAPITAL {10,000 X P 10PAR} 100,000
SHARE PREMIUM 50,000
 GM, Inc. outstanding bonds payable.
Bonds payable P3,800,000
Accrued interest payable 80,000
The company issued 150,000 ordinary share capital P20.00 par with a fair
value of P25 per share the full settlement of the bonds payable and the
accrued interest. The journal entry using memorandum method would include
the following, except?
Debit Gain on Extinguishment of Debt P130,000

* Bonds payable P3,800,000

Accrued interest payable 80,000
Ordinary Share Capital P3,000,000
Share Premium P 750,000
Gain on Extinguishment of Debt P130,000

 Sky Corporation issued 10,000 shares of ordinary share capital, par value
P20 in exchange for a Land P218,000 fair value. At the date of the
exchange, the shares are selling at P25,. How will the exchange be
recorded in the books of Sky Corporation?
Debit Land P218,000; Credit Ordinary share capital P200,000; Credit
Share Premium P18,000
* Land 218,000
Ordinary Share Capital{ 10,000 X P20} 200,000
Share Premium 18,000
 The shareholders’ equity of GM Corporation includes the following:
Preference share capital, P 100 par 5,000,000
Share premium - preference 500,000
Ordinary share capital, P 25 par 10,000,000
Share premium - ordinary 550,000
Retained earnings 2,000,000
Subscribed ordinary share capital 300,000
Subscription receivable - ordinary 200,000
The average selling price of ordinary share capital will
be______________.
Ordinary share capital 10,000,000/P 25 par = 400,000
Subscribed ordinary share capital 300,000/P 25 par = 12,00
412,000

average selling price=

10,000,000{���� ���)+550,000{�������}+300,000{���������}
412,000
=26.33

Wise Corporation. was authorized to issue 100,000 shares of P 10 par value

preference shares and 100,000 P 10 par value ordinary shares. A total of
50,000 ordinary shares were subscribed at par, 30% down payment was
received. Fifty percent of preference shares were subscribed at P20 and 25%
of which were paid.. How much is the legal capital ? P1,000,000

ISSUANCE
CASH 2,000,000
ORDINARY SHARE {100,000X10} 1,000,000
PREFERENCE SHARE{100,000X10} 1,000,000

 SUBSCRIBED
SUBSCRIPTION RECEIVABLE 500,000
SUBSCRIBED ORDINARY SHARE {50,000X10} 500,000

SUBSCRIBED ORDINARY SHARE { 500,000 X 30%} 150,000

SUBSCRIPTION RECEIVABLE 150,000
SUBSCRIPTION RECEIVABLE {50,000X20} 1,000,000
SUBSCRIBED PREFERENCE SHARE{50,000X10} 500,000
SHARE PREMIUM-PREFERENCE 500,000

SUBSCRIBED PREFERENCE SHARE{500,000 X 25%} 125,000

SUBSCRIPTION RECEIVABLE 125,000

SUBSCRIBED ORDINARY- 50,000@P10 PAR= 500,000

SUBSCRIBED PREFERENCE SHARE- 50,000@P10 PAR=500,000

LEGAL CAPITAL 1,000,000

The shareholders’ equity of JXN Corporation includes the following:

Preference share capital, P 100 par P 5,000,000

Share premium - preference 500,000

Subscribed preference share capital 1,000,000

Ordinary share capital, P25 par 10,000,000
Share premium 550,000

Notes payable 1,000,000

Retained earnings 2,000,000

Subscribed ordinary share capital 300,000

Subscription receivable - ordinary 200,000

How much is the legal capital?

P 16,300,000
*Preference share capital P 5,000,000

Subscribed preference share capital 1,000,000

Ordinary share capital 10,000,000

Subscribed ordinary share capital 300,000

*LEGAL CAPITAL 16,300,000

On January 12, 2021, Blue Corporation issued 30,000 shares of its P100 par value ordinary
share capital in exchange for a piece of land to be held for a future plant site. Blue
Corporation’s ordinary share was listed and traded at P108 per share on the same date. The
land has fair value of P3,200,000 value. The journal entry for the land would include which
the following?

Credit to Share Premium P200,000

* Land 3,200,000
Ordinary Share Capital{ 30,000 X P100} 3,000,000
Share Premium 200,000

 Gina subscribed for 30,000 shares of P 12 par value ordinary share for
P15 per share. She paid 40% of the subscription as her initial payment.
She was not able to pay the balance and her stocks were declared
delinquent. Interest and other expenses for sale totaled to P15,000. How
much the would be the total offered price for delinquent shares?

P285,000
SUBSCRIPTION RECEIVABLE {30,000X15} 450,000
SUBSCRIBED PREFERENCE SHARE {30,000X12} 360,000
SHARE PREMIUM-PREFERENCE 90,000

SUBSCRIBED PREFERENCE SHARE{450,000X 40%} 180,000

SUBSCRIPTION RECEIVABLE 180,000

*SUBSCRIPTION RECEIVABLE 450,000 - 180,000 CREDIT SUBSCRIPTION

RECEIVABLE =270,000 REMAINING

270,000 REM +P15,000 INTEREST= P285,000

A corporation issued 100 shares of $100 par value preferred shares for $150
per share. The resulting journal entry would include which of the following?
a debit to cash
*CASH {100 X 150} 15,000
PREFERENCE SHARE {100 X 100} 10,000
SHARE PREMIUM 5,000

The shareholders’ equity of JXN Corporation includes the following:

Preference share capital, P 50
P 5,000,000
par

Share premium - preference 800,000

Subscribed preference share

1,000,000
capital

Subscription receivable -
200,000
preference

Ordinary share capital, P25 pa 10,000,000

Ordinary share capital, P25 par 300,000

Share premium -Ordinary 550,000

The average selling price of preference share capital will

be_________P56.67
_____.
PREFERENCE share capital 5,000,000/P 50 par = 100,000
Subscribed ordinary share capital 1,000,000/P 50 par = 20,000
120,000

average selling price=

5,000,000{���� ���)+800,000{�������}+1,000,000{���������}
120,000
=56.67

Manny Corporation’s records included the following shareholders’ equity accounts:

Preference share capital par value P 15, authorized 200,000 share--P2,550,000

Share Premium - Preference ----------------- 150,000

Ordinary share, no par, P 50 stated value, 100,000

shares authorized-----3,000,000

Share Premium--Ordinary-------------------- 100,000

Retained Earnings ---------------200,000

How much is the total legal capital of Manny Corporation?

Preference share capital----P2,550,000
Ordinary share, no par ------3,000,000
Share Premium--Ordinary-- 100,000
5,650,000
*NOTE: WHEN COMPUTING LEGAL CAPITAL, IF A SHARE IS NO PAR THEN
INCLUDE SHARE PREMIUM.

 JXN Corporation has the following list account balances taken in the
ledger. includes the following:
Preference share capital, P 100 par P 10,000,000
Share premium - preference 500,000
Subscribed preference share capital 2,000,000
Ordinary share capital, P50 par 10,000,000
Share premium 500,000
Notes payable 1,000,000
Receivable from the highest Bidder 200,000
Gain on Extinguishment of Debts 100,000
Retained earnings 2,000,000
Subscribed ordinary share capital 300,000
If you are to prepare the shareholders’ equity section of JXN Corporation for
December 2020, how much should be the total amount of shareholders’
equity?
Preference share capital P 10,000,000
Share premium - preference 500,000
Subscribed preference share capital 2,000,000
Subscribed ordinary share capital {300,000}
Ordinary share capital 10,000,000
Share premium 500,000
Receivable from the highest Bidder 200,000
Gain on Extinguishment of Debts 100,000
Retained earnings 2,000,000

TOTAL SHAREHOLDERS’ EQUITY P25,300,000

 A company issued 40 shares of P1 par value ordinary shares for P5,000.

The journal entry to record the transaction would include which of the
following?
* Cash P5,000
Ordinary share Capital [40shares x P1] 40
Share premium-ordinary 4,460
 JR Marketing Corp. has outstanding bonds payable.
Bonds payable P4,300,000
Accrued interest payable 30,000
The company issued 200,000 ordinary share capital P20.00 par and fair value
of P 4,200,000 in full settlement of the bonds payable and the accrued
interest. The journal entry using memorandum method would include which of
the following?
Bonds payable P4,300,000
Accrued interest payable 30,000
Ordinary Share Capital [20 x 200,000] P4,000,000
Share Premium 200,000
Gain on Extinguishment of Debt P130,000

 Joy subscribed for 40,000 shares of P 10 par value ordinary share for P15
per share. She paid 45% of the subscription as her initial payment. She
was not able to pay the balance and her stocks were declared delinquent.
Interest P10,000 and other expenses for sale totaled to P8,000. On the
bidding day nobody came to bid. The journal entry would include the
following?
* 40,000 subscribed shares
Subscription receivable [40,000 x P15 per share] 600,000
Subscribed ordinary share capital [40,000 x P10 par] 400,000
share premium 200,000

*paid 45%
Subscribed ordinary share capital[ 600,000 x 45%] 270,000
Subscription receivable 270,000

*Remaining shares
600,000shares - 270,000paid shares= 330,000shares
330,000shares [delinquent shares]+ P10,000 interest + P8,000 other expense
= 348,000 treasury shares

Treasury Shares 348,000

Receivable from highest bidder 330,000shares
interest expense 10,000
Miscellaneous expense 8,000
 On October 12, 2020, Jay Corporation issued 20,000 shares of its P120
par value ordinary share capital in exchange for a piece of land to be held
for a future plant site. Jay Corporation’s ordinary share was listed and
traded at P130 per share on the same date. The land has fair value
of P2,640,000 value. How much is the share premium ?
*Land 2,640,000
Ordinary share capital [20,000sh x P120 par] 2,400,000
Share Premium 240,000

 Boss Corporation was organized on May 5, 2020 with authorized shares

of 500,000, P20 par value ordinary shares. On May 1 2020 Issued
4,500
shares with a fair value of P22, in payment of services of Mr. Cee, a lawyer.
The journal entry method of recording for the payment of legal service would
include which the following?

*Legal service fee [ 4,500 x 22] 99,000

Ordinary share Capital [ 4,500 x 20] 90,000
Share Premium 9,000
 A company issued 30 shares of P0.50 par value of ordinary shares for
P12,000. The credit to share premium would be _____________.
* Cash 12,000
Ordinary share capital [30sh x P0.50 par] 15
Share Premium 11,985

 Zinc Corporation was organized on January 1, 2020 with authorized share

capital of 100,000 shares of P20 par value ordinary shares. During 2020, Zinc
Corporation had the following transactions affecting the shareholders’ equity:
Jan. 10 - Issued 25,000 shares at P22 per share.
May. 16 - Issued 1,000 shares for legal services when the fair value was
P24 per share.
Oct. 15 - Issued 5,000 shares for a piece of equipment when the fair value
was P26 per share.
What amount should be reported as share premium?

Jan 10- Cash [25,000 x 22] 550,000

Ordinary Share Capital [25,000 x 20] 500,000
Share premium 50,000
May 16 Legal service expense [1,000 x 24] 24,000
Ordinary Share Capital [1,000 x 20] 20,000
Share premium 4,000
Oct. 15 Equipment[5,000 x 26] 130,000
Ordinary Share Capital [5,000 x 20] 100,000
Share premium 30,000
Summary:
Jan 10 50,000
May 16 4,000
Oct 15 30,000
84,000
Leny subscribed for 35,000 shares of P 12 par value . She paid 70% of the subscription as
her initial payment. She was not able to pay the balance and her stocks were declared
delinquent. Interest and other expenses for sale totaled to P15,000. There are four bidders to
pay the offered price who for the following number of shares to be acquired.

Bidders Bid

Amy 14,000 shares

Bea 23,000 shares

Cathy 12,500 shares

Daisy 18,500 shares

After the payment of the delinquent shares, how many shares would Leny received upon
issuance of stock certificates?

Highest Bidder: Cathy 12,500 shares

35,000 subscribed shares - 12,500 shares [cathy]= 22,500 Leny