What should FROZEN report as total contributed capital in its December 31, 2018 statement of financial position? FROZEN Corporation was incorporated on January 1, 2018 with the following authorized capitalization: • 40,000 ordinary shares, no par value, stated value of P40 per share • 10,000 shares of 5% cumulative preference share, par value of P10 per share During 2018, FROZEN issued 24,000 ordinary shares for a total consideration of P1,200,000 and 6,000 preference share at P16 per share. In addition, on December 29, 2018, subscriptions for 2,000 preference shares were taken at a purchase price of P17. These subscribed shares were paid for on January 2, 2019.

What should FROZEN report as total contributed capital in its December 31, 2018 statement of financial position? FROZEN Corporation was incorporated on January 1, 2018 with the following authorized capitalization: • 40,000 ordinary shares, no par value, stated value of P40 per share • 10,000 shares of 5% cumulative preference share, par value of P10 per share During 2018, FROZEN issued 24,000 ordinary shares for a total consideration of P1,200,000 and 6,000 preference share at P16 per share. In addition, on December 29, 2018, subscriptions for 2,000 preference shares were taken at a purchase price of P17. These subscribed shares were paid for on January 2, 2019.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter15: Shareholders’ Equity: Capital Contributions And Distributions

Section: Chapter Questions

Problem 25P

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