WILLU Corporation was incorporated on January 1, 2020 with the following authorized capitalization: (a) 40,000 ordinary shares, no par value, stated value 40 per share (b) 10,000 shares of 5% cumulative preference share, par value 10 per share. During 2020, Violet issued 24,000 ordinary shares for a total consideration of 1,200,000 and 6,000 preference share at 16 per share. In addition, on December 19, 2020, subscriptions for 2,000 preference shares were taken at a purchase price of 17. These subscribed shares were paid for on January 2, 2021.

Questions:

How much is the legal capital?

What should WILLU report as total contributed capital in its December 31, 2020 statement of financial position?

How much share premium is to be reported for the year ended, December 31, 2020?