Home Insert Comment Edit Page Protect Tools 27/28 C Rotate BB Auto Scroll Read Mode Background" Screen Grab Find and F Exercise 11- Short Problems 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% downpayment 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 Corporation's records included the following shareholders' equity accounts: Preference share capital, par value P 15, authorized 200,000 shares Additional paid in capital, preference share capital Ordinary share, no par, P 50 stated value, 100,000 shares authorized 2,550,000 150,000 3,000,000 In Mann's shareholders' equity section, the numbers of issued and outstanding shares for each class of stock are: Ordinary shares Preference shares DO