Roma Company provided the following shareholders’ equity at year-end:Preference share capital, P100 par, 100,000 sharesAuthorized and 80,000 shares issued8,000,000Ordinary share capital, P50 par, 500,000 sharesAuthorized and 200,000 share issued10,000,000Share premium2,000,000Retained earnings5,000,000The preference dividends are in arrears for two years and the preference rate is 12%.The preference share is cumulative and fully participating.The board of directors intended to pay cash dividend of P10 per share to ordinaryshareholders.Required:Compute the maximum amount of dividend to be declared in order to meet the dividendobjective of the board of directors.

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Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.