Knicks Corporation was organized on January 1, 2018 with authorized capital of P 2,000,000, P 20 par value. Subsequently, incorporators subscribed for 25,000 shares at P 24. How much must be paid up upon subscription to comply with the requirement of the Securities and Exchange Commission?

Knicks Corporation was organized on January 1, 2018 with authorized capital of P 2,000,000, P 20 par value. Subsequently, incorporators subscribed for 25,000 shares at P 24. How much must be paid up upon subscription to comply with the requirement of the Securities and Exchange Commission?

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

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 4MC

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