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Problem 20-14 (PHILCPA Adapted) Glee Company revealed the following shareholders' equity Preference share capital, P100 par Share premium - preference shares 3,000,000 Ordinary share capital,

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Problem 20-14 (PHILCPA Adapted) Glee Company revealed the following shareholders' equity Preference share capital, P100 par Share premium - preference shares 3,000,000 Ordinary share capital, P10 par 500,001 Share premium - ordinary shares 6,000,001 Subscribed ordinary share capital 2,000,00 Subscription receivable - ordinary shares 4,000,080 1,000,00 Retained earnings 2,500,000 What is the amount of legal capital? a. 13,000,000 b. 15,590,000 C. 15,000,000 d. 12,000,000

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