At the beginning of 2023, CCC Corporation issued 20,000 ordinary shares of P20 par value and 40,000 cumulative preference shares of P20 par value for a total consideration of P1,600,000. At this date, the ordinary share was selling for P36, and the cumulative preference share was selling for P27.What amount should be credited to preference share capital account?

At the beginning of 2023, CCC Corporation issued 20,000 ordinary shares of P20 par value and 40,000 cumulative preference shares of P20 par value for a total consideration of P1,600,000. At this date, the ordinary share was selling for P36, and the cumulative preference share was selling for P27.What is the share premium from the issuance of preference shares?

During the current year, ABC Company issued for P220 per share, 15,000 convertible preference shares of P200 par value. One preference share may be converted into three ordinary shares of P50 par value at the option of the preference shareholder. At year-end, all the preference shares were converted into ordinary shares. The market value of the ordinary share at the conversion date was P80.What amount should be credited to ordinary share capital as a result of conversion?

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 capital?

A company issues 10,000 shares of $0.05 par value common stock for $25 per share. Which of the following is recorded at issuance?Multiple ChoiceCredit Common Stock for $500.Credit Additional Paid-In Capital for $500.Credit Additional Paid-In Capital for $250,000.Credit Common Stock for $250,000.

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