A corporation has an authorized capital stock of P4,000,000 composed of 40,000 shares @ P100 par value, of which only 10,000 shares have been offered for subscription. These 10,000 shares are now fully subscribed and paid for. The board of directors, by majority vote that is ratified by 2/3 vote of the outstanding capital stock, increased its capital stock by ar additional 20,000 shares @ P100 par value. Which of the following shall meet the minimum subscription requirement? A. At least 15,000 shares must be subscribed and 3,750 shares thereof must be paid befor the increase in capital stock will be approved by the SEC. B. At least 12,500 shares must be subscribed and 3,125 shares thereof must be paid before the increase in capital stock will be approved by the SEC. C. At least 5,000 shares must be subscribed and 1,250 shares thereof must be paid before

A corporation has an authorized capital stock of P4,000,000 composed of 40,000 shares @ P100 par value, of which only 10,000 shares have been offered for subscription. These 10,000 shares are now fully subscribed and paid for. The board of directors, by majority vote that is ratified by 2/3 vote of the outstanding capital stock, increased its capital stock by ar additional 20,000 shares @ P100 par value. Which of the following shall meet the minimum subscription requirement? A. At least 15,000 shares must be subscribed and 3,750 shares thereof must be paid befor the increase in capital stock will be approved by the SEC. B. At least 12,500 shares must be subscribed and 3,125 shares thereof must be paid before the increase in capital stock will be approved by the SEC. C. At least 5,000 shares must be subscribed and 1,250 shares thereof must be paid before

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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S7.
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Please do the journal entries. Thank you!