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FRANCE, INC. began operations in January 2016, and reported the following results for each of its three years of operations. 2016 P300,000 net loss 30,000 net loss 3,950,000 net income 2017 2018 At December 31, 2018, the company's capital accounts were as follows: 5% cumulative preference shares, par value P100; authorized, 100,000 shares; issued and outstanding, 60,000 shares P6,000,000 Ordinary shares, par value P10; authorized, 1,000,000 shares; issued and outstanding, 800,000 shares 8,000,000 France, Inc. has never paid a cash or stock dividend and there has been no change in the capital accounts since it began operations.

FRANCE, INC. began operations in January 2016, and reported the following results for each of its three years of operations. 2016 P300,000 net loss 30,000 net loss 3,950,000 net income 2017 2018 At December 31, 2018, the company's capital accounts were as follows: 5% cumulative preference shares, par value P100; authorized, 100,000 shares; issued and outstanding, 60,000 shares P6,000,000 Ordinary shares, par value P10; authorized, 1,000,000 shares; issued and outstanding, 800,000 shares 8,000,000 France, Inc. has never paid a cash or stock dividend and there has been no change in the capital accounts since it began operations.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 16E: Contributed Capital Adams Companys records provide the following information on December 31, 2019:...
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PROVIDE COMPUTATIONS!!!

 

10. What is the book value of the preference shares on December 31, 2018?
a. P105 c. P100
b. P110 d. P115
11. What is the book value of the ordinary shares on December31 2018?
a. P13.40 c. P14.15
b. P14.52 d. P13.78

ITEMS FOR 10 TO 13 ARE BASED ON THE FOLLOWING INFORMATION: FRANCE, INC. began operations in January 2016, and reported the following results for each of its three years of operations. P300,000 net loss 30,000 net loss 3,950,000 net income 2016 2017 2018 At December 31, 2018, the company's capital accounts were as follows: 5% cumulative preference shares, par value P100; authorized, 100,000 shares; issued and outstanding, 60,000 shares P6,000,000 Ordinary shares, par value P10; authorized, 1,000,000 shares; issued and outstanding, 800,000 shares 8,000,000 France, Inc. has never paid a cash or stock dividend and there has been no change in the capital accounts since it began operations.
Transcribed Image Text:ITEMS FOR 10 TO 13 ARE BASED ON THE FOLLOWING INFORMATION: FRANCE, INC. began operations in January 2016, and reported the following results for each of its three years of operations. P300,000 net loss 30,000 net loss 3,950,000 net income 2016 2017 2018 At December 31, 2018, the company's capital accounts were as follows: 5% cumulative preference shares, par value P100; authorized, 100,000 shares; issued and outstanding, 60,000 shares P6,000,000 Ordinary shares, par value P10; authorized, 1,000,000 shares; issued and outstanding, 800,000 shares 8,000,000 France, Inc. has never paid a cash or stock dividend and there has been no change in the capital accounts since it began operations.
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