Question
1. Number of preference shares issued for cash.Required to answer. 2. Price per share of preference share capital issued for cash. 3. Number of ordinary
1. Number of preference shares issued for cash.Required to answer.
2. Price per share of preference share capital issued for cash.
3. Number of ordinary share issued.
4. Average price per share of the ordinary share capital issued for cash.
5. Total preference share premium arising from issuance in exchange for equipment.
6. Number of preference shares issued.
7. Number of ordinary shares issued.
8. Number of subscribed preference shares.
9. Number of subscribed ordinary shares.
10. Average price per share received by the corporation on its preference share capital including subscribed shares.
11. Average price per share received by the corporation on its ordinary share capital including subscribed shares.
12. Average amount per share that the subscribers of preference share capital have not yet paid to the corporation.
13. Average amount per share that ordinary share subscribers have already paid on their subscriptions. Assume that ordinary shares were subscribed at P12.
The Golden Rule Corporation was organized on January 1, 2014 with authorized share capital consisting of 50,000 preference shares with a par value of P50 and 1,000,000 of no- par ordinary shares with a stated value of P10. Af December 31, 2014, the ledger included the following balances pertaining to shareholders' equity. Preference share capital P1,000,000 Preference share premium 120,000 Ordinary share capital 3,000,000 Ordinary share capital in excess of stated value 4,500,000 Ten thousand preference shares were issued for equipment having a fair value of P550,000. The remaining preference shares were issued for cash. All ordinary shares were issued for cash Shown below are account balances found in the ledger of Humility Corporation at the end of the 2014 Subscription Receivable - Preference share P360,000 Subscription Receivable - Ordinary share 182,000 8% Preference share capital, P50 par value, authorized 80,000 shares Issued P1,440,000 Subscribed 720,000 2,160,000 Ordinary share capital, no par, P10 stated value, authorized 320,000 shares Issued P1,360,000 Subscribed 280,000 1,640,000 Paid-in capital in excess of par or stated value Preference P216,000 Ordinary 328,000 544.000Step by Step Solution
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