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13. Assuming no other equity transactions occurred during 2022, what should Tack report as additional paid-in capital on December 31, 20222

13. Assuming no other equity transactions occurred during 2022, what should Tack report as additional paid-in capital on December 31, 20222

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 26P
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Please answer the second item only, show your solution.
Corporation: Transactions After Formation On July 15, 2022, it issued 100,000 shares at P23 per share. On October 15, 2022, Mack paid the majority shareholders the sum of P800,0 and issued 50,000 shares of its ordinary share capital in exchange to land and building. The land was appraise at P1,300,000. The ilding had an original cost of P1,5000, and its depreciated value is 000. It was appraiser1,200,000. On October 15, 2022, the corr ordinary share capital urchased 5,000 shares of its mber 15, 2022, it sold 110,000. On 2,000 of its treas shares for P25 per share. 12. How much is the additional paid-in capital of Mack Corporation on December 31, 2022? The shareholders' equity of Tack Corporation, as of January 1, 2022 is as follows: Ordinary Share Capital, P20 par, 200,000 shares authorized; 120,000 shares issued and outstanding Additional paid in capital Retained Earnings Tack recorded the following transactions during 2022: (a) (b) (c) P2,400,000 Sold 1,200 treasury shares at P42 per share. Retired the remaining treasury shares. 280,000 1,540,000 Acquired 2,000 shares of its ordinary share capital for P70,000. 13. Assuming no other equity transactions occurred during 2022, what should Tack report as additional paid-in capital on December 31, 2022?
Transcribed Image Text:Corporation: Transactions After Formation On July 15, 2022, it issued 100,000 shares at P23 per share. On October 15, 2022, Mack paid the majority shareholders the sum of P800,0 and issued 50,000 shares of its ordinary share capital in exchange to land and building. The land was appraise at P1,300,000. The ilding had an original cost of P1,5000, and its depreciated value is 000. It was appraiser1,200,000. On October 15, 2022, the corr ordinary share capital urchased 5,000 shares of its mber 15, 2022, it sold 110,000. On 2,000 of its treas shares for P25 per share. 12. How much is the additional paid-in capital of Mack Corporation on December 31, 2022? The shareholders' equity of Tack Corporation, as of January 1, 2022 is as follows: Ordinary Share Capital, P20 par, 200,000 shares authorized; 120,000 shares issued and outstanding Additional paid in capital Retained Earnings Tack recorded the following transactions during 2022: (a) (b) (c) P2,400,000 Sold 1,200 treasury shares at P42 per share. Retired the remaining treasury shares. 280,000 1,540,000 Acquired 2,000 shares of its ordinary share capital for P70,000. 13. Assuming no other equity transactions occurred during 2022, what should Tack report as additional paid-in capital on December 31, 2022?
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