An entity was incorporated on June 1, 2021 with an authorized 200,000, no-par, ordinary shares, stated value P10 and 10,000, 9% par value P30, preference shares. Transactions affecting company's equity as of June 30, 2021 were as follows: June 1 June 5 June 15 June 25 50,000 ordinary shares were issued at P10. Assets with a total appraised value of P600,000 were acquired in exchange for 50,000 ordinary shares. Subscriptions were received for 100,000 ordinary shares at P15 and for 5,000 preference shares at P35. Payments in full for the ordinary and preference shares subscribed June 15 were received and the corresponding shares were issued. The total shareholders' equity as of June 30, 2021 is a. P2,875,000 b. P2,775,000 c. P2,750,000 d. P2,300,000

An entity was incorporated on June 1, 2021 with an authorized 200,000, no-par, ordinary shares, stated value P10 and 10,000, 9% par value P30, preference shares. Transactions affecting company's equity as of June 30, 2021 were as follows: June 1 June 5 June 15 June 25 50,000 ordinary shares were issued at P10. Assets with a total appraised value of P600,000 were acquired in exchange for 50,000 ordinary shares. Subscriptions were received for 100,000 ordinary shares at P15 and for 5,000 preference shares at P35. Payments in full for the ordinary and preference shares subscribed June 15 were received and the corresponding shares were issued. The total shareholders' equity as of June 30, 2021 is a. P2,875,000 b. P2,775,000 c. P2,750,000 d. P2,300,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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