Listed below are information taken from the records of GBC Corporation: 8% Preference share capital, cumulative, authorized 100,000 shares with a P100 par valueP 2,000,000Ordinary share capital, authorized 200,000 shares with a P20 par value1,000,000Share capital subscribed – preference500,000Share capital subscribed – ordinary400,000Subscriptions receivable – preference250,000Subscriptions receivable – ordinary200,000Treasury shares – preference (cost of P 120 per share)120,000Treasury shares – ordinary (cost of P30 per share)60,000 Required: Compute the number of preference shares and ordinary shares entitled to receive dividends.

Dividend represents the distribution of profit among the shareholders of the company. The…

Answered: Listed below are information taken from…

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 16E: Contributed Capital Adams Companys records provide the following information on December 31, 2019:...

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Listed below are information taken from the records of GBC Corporation:

8% Preference share capital, cumulative, authorized 100,000 shares with a P100 par value	P 2,000,000
Ordinary share capital, authorized 200,000 shares with a P20 par value	1,000,000
Share capital subscribed – preference	500,000
Share capital subscribed – ordinary	400,000
Subscriptions receivable – preference	250,000
Subscriptions receivable – ordinary	200,000
Treasury shares – preference (cost of P 120 per share)	120,000
Treasury shares – ordinary (cost of P30 per share)	60,000