On April 1,2020, ABC Corporation, a newly formed company, had the following shares issued and outstanding: Ordinary share, P 20 par ( 20,000 shares originally issued for P 60 per share) Preference share, P 50 par ( 6,000 shares originally issued for P 100 per share) As of April 1, 2020, ABC Inc.’s total legal capital and total shareholder’s equity, respectively are a.P 1,100,000 and P 1,800,000 b. P 700,000 and P 1,800,000 c. P 1,800,000 and P 1,800,000 d. P 1,800,000 and P 1,100,000

On April 1,2020, ABC Corporation, a newly formed company, had the following shares issued and outstanding: Ordinary share, P 20 par ( 20,000 shares originally issued for P 60 per share) Preference share, P 50 par ( 6,000 shares originally issued for P 100 per share) As of April 1, 2020, ABC Inc.’s total legal capital and total shareholder’s equity, respectively are a.P 1,100,000 and P 1,800,000 b. P 700,000 and P 1,800,000 c. P 1,800,000 and P 1,800,000 d. P 1,800,000 and P 1,100,000

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 81PSA

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