ORANGE Corporation is authorized to issue 250,000 ordinary shares at P 12.00 par value. During 2022, in its first year of operation, the following transactions occurred: • Issued 15,000 ordinary shares at P 18.00 on May 1. • Issued 25,000 ordinary shares at P 25.00 on August 1.• Reacquired 2,000 ordinary shares at P 12 per share on October 1.• Reissued 1,000 ordinary treasury shares at P 20 per share on December 1. Determine the Share Premium – Ordinary Shares balance as of December 31, 2022. Group of answer choicesP891,000P423,000P480,000P415,000

The GRAPES Corporation was authorized to issue 80,000 ordinary shares with P100 Par value. During the period, 50,000 ordinary shares has been issued and 10,000 ordinary shares were subscribed. At this point, the corporation holds 4,000 ordinary shares in the treasury. The number of shares outstanding areGroup of answer choices50,00056,00060,00046,000

BANANA Corporation is authorized to issue 150,000 ordinary shares at P10 par value and 25,000 preference shares at P25 par value. During its first year of operation, the following share capital transactions have been summarized:Preference Share Capital – P 437,500;Ordinary Share Capital - P 250,000;Share Premium – Preference – P 201,250;Share Premium – Ordinary – P 175,000.00 The average selling price for the preference shares is closest to Group of answer choicesP14.60P36.50P25.00P17.00

The following list of balances appeared, amongst others, in the books of Peterson (Pty) Ltd on 31 December 2023: ROrdinary share capital (shares issued at R2 each).........................................750 000Proceeds of 100 000 ordinary shares issued on 31 October 2023..................200 000 The following decisions were made by the directors on 31 December 2023 and must still be recorded in the books of Peterson (Pty) Ltd:Capitalization shares must be issued to the ordinary shareholders registered in the share register on 31 December 2023 in the ratio of one ordinary share at R1,50 for every five ordinary shares held.REQUIRED:The value of shares to be capitalised is?

A company reported the following stockholders’ equity on January 1 of the current year:Common stock–$10 par value, 1,000,000 shares authorized; 270,000 shares issued $ 2,700,000Paid-in capital in excess of par value, common stock 1,280,000Retained earnings 1,695,000Total stockholders’ equity $ 5,675,000Prepare journal entries for the following selected transactions.March 1  Purchased 12,000 shares of its own stock for $25 cash per share.May 5  Sold 6,000 shares of its treasury stock for $25 cash per share.October 12  Sold 4,000 shares of its treasury stock for $26 cash per share.

At the beginning of 2023, BBB Corporation was organized with authorized capital of 100,000, P200 par value shares. January 15 – Issued 10,000 shares at P280 per share.May 1 – Issued 5,000 shares in exchange for land with a fair value of P1,200,000. On this date, fair value of the shares was P250 per share.November 23 – Issued 2,000 shares for legal services when the fair value was P260 per share.What amount should be reported as share premium?