Question 32 CFAS Corporation was organized on January 1, with an authorization of 1,000,000 ordinary shares with a par value of P5 per share. During the year, the corporation had the following equity transactions: Jan. 3 Issued 300.000 shares @ P5 per share. March 28 Issued 200,000 shares @P6.50 per share. May 13 Issued 35,000 shares @ P11.20 per share August 1 Reacquired 50.000 shares @ P3.50 per share. Nov. 20 Sold 30.000 shares held in treasury @ P7 per share. Dec 31 Sold 10.000 shares held in treasury at P2.00 per share. What should be the total Share Premium as of December 31? Question 33 2 pts CFAS Company received a donation of 2,000 shares of its P5 par value ordinary shares from a shareholder. On that date, the share's fair value was P35 per share. The share was originally issued for P25 per share. By what amount would this donation cause total shareholders' equity to change? (Use negative sign to indicate a decrease) Question 34 2 pts CFAS Corporation issued 5,000 ordinary shares of P100 par value in exchange for a land. Based on the latest tax declaration, the value assigned to the land was P700,000. On the same date, the shares were actively trading in the market at P150 per share. The total consideration for the issuance should be valued at: CFAS Company provided the following information at year-end: Preference share capital, P100 par P2,000,000 Share premium - preference share 350,000 Ordinary share capital, P10 par 5,000,000 Share premium - ordinary share 1,250,000 Subscribed ordinary share capital 3,300,000 Retained earnings 2.500.000 Subscription receivable - ordinary share 1.000.000 Treasury shares - ordinary 500.000 What is the amount of legal capital? Question 36 You started this quiz near when it was due, so you won't have the full amount of time to take the quiz CFAS Company provided the following information at year-end: Preference share capital, P100 stated value P2,000,000 Share premium - preference share 350,000 Ordinary share capital, P10 stated value 5.000.000 Share premium - ordinary share 1,250,000 Subscribed ordinary share capital 3.300.000 Retained earnings 2.500.000 Subscription receivable - ordinary share 1,000,000 Treasury shares - ordinary 500.000 What is the amount of legal capital? Question 37 CFAS Company shows the following information on its December 31, 2022 equity items: Authorized share capital P10,000,000 Unissued share capital 6,500,000 Subscribed share capital 1,000,000 Subscription receivable 450.000 Share premium 900.000 Retained earnings 820.000 Profit for the year 350.000 Treasury shares at cost 200.000 The balance in the retained earnings represent the final balance at year-end after the closing entries were made. What total amount should be reported by CFAs company as shareholders equity ignore hiny tax considerations CFAS Company issued 100,000, P50 par value, ordinary shares and 20,000, P100 par value, preference shares for a total consideration of P12,900,000. At this date, the ordinary share was selling for P100 per share and the preference share was selling for P250 per share. What amount of the proceeds should be allocated to share premium - preference shares? Question 39 CFAS Corporation issued 20,000 ordinary shares of P100 par value in exchange for a parcel of land from a shareholder. The appraised value of the land at the time of the issuance of the shares is P2,500,000. The shares does not have a reliable fair value. How much share premium shall be recognized from the issuance? CFAS Company was incorporated on January 4, 2022. The Philippine SEC authorized the company to issue 300.000 ordinary shares, no-par, with P100 stated value and 100,000 5%-preference shares with P50 par value. During the year the entity issued 120,000 ordinary shares fora total consideration of P15,000,000 and 35 000 preference shares at P75 per share. At the latter part of the year, 15.000 preference shares were subscribed for a purchase price P80 per share which were paid for on January of the following year. Profit for the year was P3,250,000. What amount should be reported as total contributed capital on December 31, 2022? w