47. Purple Corp. was organized on January 1, 2008 wit authorized capital of 100,000 shares of P20 par value common stock. During 2008, Purple Corp had the following transactions affecting the stockholders' equity. Jan. 10 Mar. 25 Sept. 30 Issued 25,000 shares at P22 per share Issued 1,000 shares for legal service when the fair value was P24 per share Issued 5,000 shares for a piece of equipment when the fair value was P26 per share How much is the balance of the common stock account as of September 30? a.) P620,000 b.) P700,000 c.) P704,000 d.) P674,000 48. Refer to No. 47, what amount should be reported as paid-in capital in excess of par? a.) P84,000 b.) P54,000 c.) P45,000 d.) P50,000