The Golden Rule Corporation was organized on January 1, 2014 with authorized share capital consisting of 50,000 preference shares with a par value of P50 and 1,000,000 of no-par ordinary shares with a stated value of P10. At December 31, 2014, the ledger included the following balances pertaining to shareholders' equity. Preference Share Capital Preference Share Premium Ordinary Share Capital Ordinary Share Capital in Excess of Stated Value 1,000,000 120,000 3,000,000 4,500,000 Ten thousand preference shares were issued for equipment having a fair value of P550,000. The remaining preference shares were issued for cash. All ordinary shares were issued for cash. Instructions: Compute for each of the items enumerated below. Number of preference shares issued for cash. 1. 2. Price per share of preference share capital issued for cash. 3. Number of ordinary share issued.
The Golden Rule Corporation was organized on January 1, 2014 with authorized share capital consisting of 50,000 preference shares with a par value of P50 and 1,000,000 of no-par ordinary shares with a stated value of P10. At December 31, 2014, the ledger included the following balances pertaining to shareholders' equity. Preference Share Capital Preference Share Premium Ordinary Share Capital Ordinary Share Capital in Excess of Stated Value 1,000,000 120,000 3,000,000 4,500,000 Ten thousand preference shares were issued for equipment having a fair value of P550,000. The remaining preference shares were issued for cash. All ordinary shares were issued for cash. Instructions: Compute for each of the items enumerated below. Number of preference shares issued for cash. 1. 2. Price per share of preference share capital issued for cash. 3. Number of ordinary share issued.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter11: Stockholders' Equity
Section: Chapter Questions
Problem 11.6E
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