19. Baby Jean Company was incorporated on January 1, 2020, with the following authorized capitalization: • 200,000 shares of common stock, no par, stated value P100 per share • 200,000 shares of 10% cumulative preferred stock, par value P50 per share. During 2020 Baby Jean issued 150,000 shares of common stock for a total of P18,000,000 and 50,000 shares of preferred stock at P60 per share. In addition, on December 15, 2020, subscriptions for 20,000 shares of preferred stock were taken at a purchase price of P100. These subscribed shares were paid for on January 2, 2021. Net income for 2020 was P5,000,000. What should Baby Jean report as total contributed capital on its December 31, 2020 balance sheet?
19. Baby Jean Company was incorporated on January 1, 2020, with the following authorized capitalization:
• 200,000 shares of common stock, no par, stated value P100 per share
• 200,000 shares of 10% cumulative
During 2020 Baby Jean issued 150,000 shares of common stock for a total of P18,000,000 and 50,000 shares of preferred stock at P60 per share. In addition, on December 15, 2020, subscriptions for 20,000 shares of preferred stock were taken at a purchase price of P100. These subscribed shares were paid for on January 2, 2021. Net income for 2020 was P5,000,000. What should Baby Jean report as total contributed capital on its December 31, 2020
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