1. X Corporation issued 5,000 ordinary shares, par value P 15 in exchange for equipment. At the date of exchange, stocks are selling at P 20 and no market value is known for the equipment. What is the value of the equipment?

2. Intelligent Co. 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 and 25% of which were paid. How much down payment was received from the ordinary shareholders?

3. Mann Corporations records included the following shareholders equity accounts: Preference share capital, par value P 15, authorized 200,000 shares 2,550,000 Additional paid in capital, preference share capital 150,000 Ordinary share, no par, P 50 stated value, 100,000 shares authorized 3,000,000 In Manns shareholders equity section, the numbers of issued and outstanding shares for each class of stock are:

Ordinary shares:

Preference shares:

4. The shareholders equity of James 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 550,000 Notes payable 1,000,000 Retained earnings 2,000,000 Subscribed ordinary share capital 300,000 Subscription receivable - ordinary 200,000 Compute for the following:

a. total shareholders equity:

b. legal capital:

c. average selling price of the preference shares:

5. (AICPA adapted) Mayo Companys records included the following shareholders equity accounts Preference share capital, par value, P 15; 200,000 authorized shares P 2,250,000 Share premium preference 150,000 Ordinary share capital, no par, P 50 par value; 100,000 authorized shares 3,000,000 Share premium - ordinary 100,000 In the statement of shareholders equity, what is the number of issued and outstanding shares for each share capital? How much is the total shareholders equity.