Problem 4 Elegant Co. was organized on Jan. 1, 2022. On that date, it issued 1,000,000 shares of P1.00 par value ordinary stock at P1.50 per share (2,000,000 shares were authorized). During the year: (a) Elegant received various subscriptions totaling 500,000 shares for 30% down at P1.25 per share; (b) It was able to collect P400,000 of the subscriptions; (c) From the subscriptions, it had issued 450,000 shares. uestions: Assume that the remaining shares were declared delinquent and were sold in a public auction incurring P10,000 nd there were three bidders with the following bids: Jane, 45,000; Jhen, 48,000; Jun, 44,000, who is the highest bidder? Assume that the remaining shares were declared delinquent and were sold in a public auction curring P10,000. What is the total amount paid by the highest bidder? Assume that the remaining shares were declared delinquent and were sold in a public auction curring P10,000. How many shares will the highest bidder receive when the stocks are issued?
Problem 4 Elegant Co. was organized on Jan. 1, 2022. On that date, it issued 1,000,000 shares of P1.00 par value ordinary stock at P1.50 per share (2,000,000 shares were authorized). During the year: (a) Elegant received various subscriptions totaling 500,000 shares for 30% down at P1.25 per share; (b) It was able to collect P400,000 of the subscriptions; (c) From the subscriptions, it had issued 450,000 shares. uestions: Assume that the remaining shares were declared delinquent and were sold in a public auction incurring P10,000 nd there were three bidders with the following bids: Jane, 45,000; Jhen, 48,000; Jun, 44,000, who is the highest bidder? Assume that the remaining shares were declared delinquent and were sold in a public auction curring P10,000. What is the total amount paid by the highest bidder? Assume that the remaining shares were declared delinquent and were sold in a public auction curring P10,000. How many shares will the highest bidder receive when the stocks are issued?
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
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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