AAA Corporation issues 1,000 P5 par value ordinary shares and 1,000 P20 par value preference shares for a lump-sum of P60,000. At the issue date, the ordinary shares were selling for P36 and the preference shares were selling for P28. How much is recorded in AAA’s statement of financial position for the preference shares? aP26,250 B. P28,750 C. P31,000 D. P36,000

AAA Corporation issues 1,000 P5 par value ordinary shares and 1,000 P20 par value preference shares for a lump-sum of P60,000. At the issue date, the ordinary shares were selling for P36 and the preference shares were selling for P28. How much is recorded in AAA’s statement of financial position for the preference shares? aP26,250 B. P28,750 C. P31,000 D. P36,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 6MCQ: Ames Corporation repurchases 10,000 shares of its common stock for $12 per share. The shares were...

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