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Joyce Company issued 1,000 shares of its P50 par value ordinary share capital in exchange for land with a book value of P40,000 and fair

Joyce Company issued 1,000 shares of its P50 par value ordinary share capital in

exchange for land with a book value of P40,000 and fair value of P120,000.

1. What is the total increase in ordinary share premium?

2. How much should be credited to Ordinary Share Capital account?

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