Question
Avalanche Inc. revealed the following information for the year ended December 31, 2021: Preference share, P100 par - P2.4 million; Share premium, preference - P700,000;
Avalanche Inc. revealed the following information for the year ended December 31, 2021:
Preference share, P100 par - P2.4 million;
Share premium, preference - P700,000;
Ordinary share, P15 par - P3.5 million;
Share premium, ordinary - P1.5 million;
Subscribed ordinary share - P100,000;
Retained earnings - P2 million;
Subscription receivable, ordinary - P20,000
How much is the legal capital?
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
13th Edition
9780470374948, 470423684, 470374942, 978-0470423684
