EEE Corporation provided the following at year-end:            Preference share capital, P100 par                      460,000            Share premium – preference                              161,000            Ordinary share capital, P10 par                          1,050,000            Share premium – ordinary                                  550,000            Subscribed ordinary share                                  10,000            Retained earnings                                              380,000            Subscription receivable – ordinary                      8,000            Treasury shares – common                                12,000Assume the same information except that the ordinary share has a P10 stated value, what is the amount of legal capital?

During the current year, ABC Company issued for P220 per share, 15,000 convertible preference shares of P200 par value. One preference share may be converted into three ordinary shares of P50 par value at the option of the preference shareholder. At year-end, all the preference shares were converted into ordinary shares. The market value of the ordinary share at the conversion date was P80.What amount should be credited to ordinary share capital as a result of conversion?

DDD Corporation is authorized to issue 500,000 ordinary shares of P10 par value. During its first year of operations, the following transactions occurred:50,000 ordinary shares were sold for P18 per share.50,000 ordinary shares were issued in exchange for a patent worth P1,000,000.The total contributed capital at the end of the first year of operations of DDD Corporation was

At the beginning of 2023, CCC Corporation issued 20,000 ordinary shares of P20 par value and 40,000 cumulative preference shares of P20 par value for a total consideration of P1,600,000. At this date, the ordinary share was selling for P36, and the cumulative preference share was selling for P27.What amount should be credited to ordinary share capital account?

A company issues 10,000 shares of $0.05 par value common stock for $25 per share. Which of the following is recorded at issuance?Multiple ChoiceCredit Common Stock for $500.Credit Additional Paid-In Capital for $500.Credit Additional Paid-In Capital for $250,000.Credit Common Stock for $250,000.

At the beginning of 2023, BBB Corporation was organized with authorized capital of 100,000, P200 par value shares. January 15 – Issued 10,000 shares at P280 per share.May 1 – Issued 5,000 shares in exchange for land with a fair value of P1,200,000. On this date, fair value of the shares was P250 per share.November 23 – Issued 2,000 shares for legal services when the fair value was P260 per share.What amount should be reported as share capital?