The shareholders' equity section of Fairy Company revealed the following information on December 31, 2021: Preference shares (P100 par), P2.300.000; paid in capital in excess of par preference shares, P805,000: ordinary shares (P15 par), P5,250,000: paid in capital in excess of par-ordinary shares, P2,750,000; Subscribed ordinary shares, P50,000; Retained earnings, P1,900,000; and Subscription Receivable - ordinary shares, P400,000. How much is the legal capital?

The shareholders' equity section of Fairy Company revealed the following information on December 31, 2021: Preference shares (P100 par), P2.300.000; paid in capital in excess of par preference shares, P805,000: ordinary shares (P15 par), P5,250,000: paid in capital in excess of par-ordinary shares, P2,750,000; Subscribed ordinary shares, P50,000; Retained earnings, P1,900,000; and Subscription Receivable - ordinary shares, P400,000. How much is the legal capital?

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 84PSB: Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following...

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