A company issued 20,000 shares of its P70 par value ordinary share capital and 8,000 of its P80 par value preference share capital for a total amount of 1,800,000. At this date, the company’s ordinary share capital was selling P 80 per share and the preference share capital was selling for P100 per share. What amount of the proceeds should be allocated to the preference share capital? 37. A company issued 20,000 shares of its P70 par value ordinary share2 pointscapital and 8,000 of its P80 par value preference share capital for a totalamount of 1,800,000. At this date, the company's ordinary share capitalwas selling P 80 per share and the preference share capital was selling forP100 per share. What amount of the proceeds should be allocated to thepreference share capital?O A. P 800,000О В.Р640,000С. Р 600,000D. P 400,000O E. answer not given2:26 AMP Type here to searchへ G )12/19/2020

Answered: What amount of the proceeds should be…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 12MC: A corporation issued 100 shares of $100 par value preferred stock for $150 per share. The resulting...

See similar textbooks

Related questions

Question

A company issued 20,000 shares of its P70 par value ordinary share capital and 8,000 of its P80 par value preference share capital for a total amount of 1,800,000. At this date, the company’s ordinary share capital was selling P 80 per share and the preference share capital was selling for P100 per share. What amount of the proceeds should be allocated to the preference share capital?

37. A company issued 20,000 shares of its P70 par value ordinary share
2 points
capital and 8,000 of its P80 par value preference share capital for a total
amount of 1,800,000. At this date, the company's ordinary share capital
was selling P 80 per share and the preference share capital was selling for
P100 per share. What amount of the proceeds should be allocated to the
preference share capital?
O A. P 800,000
О В.Р640,000
С. Р 600,000
D. P 400,000
O E. answer not given
2:26 AM
P Type here to search
へ G )
12/19/2020

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions