12. N company is authorized to issue 600,000 shares of P10 par value ordinary share capital. N's accounting year ends on December 31. The following transactions occurred in 2022, the company's first year of operations Issued of 20,000 shares at 20 per share; received cash • Issued 2,500 shares to attorneys for services in securing the corporate charter and for preliminary legal costs of organizing the corporation. The value for the services was 85,000 • Issued 300 shares valued objectively at 15,000 to the employees instead of paying them cash wages Issued 325,000 shares in exchange for a building valued at 3,000,000 and land valued at 4,000,000. The building was originally acquired by the investor for 2,500,000 and has 1,000,000 of accumulated depreciation. The land was originally acquired for 1,500,000 What is the ordinary share capital balance on December 31, 2022? The amount of share premium to be reported on Dec 31, 2022 is? The amount of organization expense to be charged against the income for 2022 is?

12. N company is authorized to issue 600,000 shares of P10 par value ordinary share capital. N's accounting year ends on December 31. The following transactions occurred in 2022, the company's first year of operations Issued of 20,000 shares at 20 per share; received cash • Issued 2,500 shares to attorneys for services in securing the corporate charter and for preliminary legal costs of organizing the corporation. The value for the services was 85,000 • Issued 300 shares valued objectively at 15,000 to the employees instead of paying them cash wages Issued 325,000 shares in exchange for a building valued at 3,000,000 and land valued at 4,000,000. The building was originally acquired by the investor for 2,500,000 and has 1,000,000 of accumulated depreciation. The land was originally acquired for 1,500,000 What is the ordinary share capital balance on December 31, 2022? The amount of share premium to be reported on Dec 31, 2022 is? The amount of organization expense to be charged against the income for 2022 is?

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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Question

Show the complete solution of the following:

1. What is the ordinary share capital balance on December 31, 2022?
2. The amount of share premium to be reported on Dec 31, 2022 is?
3. The amount of organization expense to be charged against the income for 2022 is

12. N company is authorized to issue 600,000 shares of P10 par value ordinary share capital.
N's accounting year ends on December 31. The following transactions occurred in 2022, the
company's first year of operations
Issued of 20,000 shares at 20 per share; received cash
Issued 2,500 shares to attorneys for services in securing the corporate charter and for
preliminary legal costs of organizing the corporation. The value for the services was
85,000
•
Issued 300 shares valued objectively at 15,000 to the employees instead of paying them
cash wages
• Issued 325,000 shares in exchange for a building valued at 3,000,000 and land valued
at 4,000,000. The building was originally acquired by the investor for 2,500,000 and has
1,000,000 of accumulated depreciation. The land was originally acquired for 1,500,000
What is the ordinary share capital balance on December 31, 2022?
The amount of share premium to be reported on Dec 31, 2022 is?
The amount of organization expense to be charged against the income for 2022 is?

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