A corporation is being organized with an authorize share capital of P40,000. How much of this P40,000 should be subscribed and how much must be actually paid?*

P 10,000; P 2,500

P 15,000; P 5,000

P 10,000 ; P 5,000

P 15,000; P 2,500

If a corporation reissued at P200 per share 100 shares of treasury stock that it had previously acquired for P280 per share and there wasnt any Share Premium Treasury, it would debit*

Loss on sale of treasury stock for P 8,000

Share Premium Ordinary for P 8,000

Retained earnings for P 8,000

Treasury stock for P 8,000

Straw Hat Corporation issued 10,000 shares of its P10.00 par value ordinary shares for a building. The building has a fair value of P 400,000. Peters ordinary share is currently selling for P50 per share. A Corp. should record the building at*

100,000

400,000

500,000

0

On December 1, 2016, Buggy Corporation received a donation of 2,000 shares of its P50 par value ordinary shares from a shareholder. On that date, the shares market value was P350 per share. The stock was originally issued for P250 per share. By what amount would this donation cause the total shareholders equity to decrease?*

P 700,000

P 500,000

P 200,000

0

ASL Corporation holds 5,000 shares of its P10 par value ordinary shares as treasury stock reacquired last month for P80,000. On December 2016, F reissued all 5,000 shares for P120,000. Under the cost method of accounting for treasury stock, the reissuance resulted in a credit to*

Gain on sale of investments of P70,000

Ordinary shares of P100,000

Retained earnings of P70,000

Share premium of P70,000