Problem 20-12 (LAA) On January 1, 2020, Negros Company was incorporated with the following authorized capitalization: Ordinary share capital, no par, P100 stated value Preference share capital, 10%, P50 par 20,000,000 10,000,000 During the year, the entity issued 150,000 ordinary shares for a total of P18,000,000 and 50,000 preference shares at P60 per share. In addition, on December 15, 2020, subscriptions for 20,000 preference shares were taken at a purchase price of P100. shareby These subscribed shares were paid for on January 15, 2021. Net income for 2020 was P5,000,000. What amount should be reported as total contributed capital on December 31, 2020? a. 28,000,000 b. 21,000,000 C. 23,000,000 d. 26,000,000 Problem 20-13 (AICPA Adapted) g informatin At the beginning of current year, Ashe Company was organized with authorized share capital of 100,000 shares of P200 par value. During the year, the entity had the following transactions affecting shareholders' equity: January March 10 Issued 25,000 shares at P220 a share 25 Issued 1,000 shares for legal services when the fair value was P240 a share. September 30 Issued 5,000 shares for a tract of land when the fair value was P260 a share act year-end? What amount should be reported as share premium at car-end? 840,000 6. 800,000 G. 540,000 - 500,000