12. How much is the additional paid-in capital of Mack Corporation on December 31, 2022?
12. How much is the additional paid-in capital of Mack Corporation on December 31, 2022?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:ipter
Corporation: Transactions After Formation
On July 15, 2022, it issued 100,000 shares at P23 per share. On
October 15, 2022, Mack paid the majority shareholders the sum of
P800,000 and issued 50,000 shares of its ordinary share capital in
exchange for land and building. The land was appraised at
P1,300,000. The building had an original cost of P1,500,000, and its
depreciated value is P900,000. It was appraised at P1,200,000.
On October 15, 2022, the corporation purchased 5,000 shares of its
ordinary share capital for P110,000. On December 15, 2022, it sold
2,000 of its treasury shares for P25 per share.
12.
How much is the additional paid-in capital of
Mack Corporation on December 31, 2022?
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