On October 17, 2021, LILAC Corporation exchanged 20,000 shares of its ₱200 par value stock for land. A few months ago, the land was appraised by an independent appraiser at ₱5,000,000. The land had an initial cost of ₱4,500,000. LILAC is currently trading at the stock exchange at ₱300. How much should be credited to Share Premium upon the issuance of the shares?   Choose answer, either a or b. Show solution in good accounting form. a.) ₱ - 0 - b. ) ₱ 2,000,000

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A: The shares are exchanged for their appraised value.

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