ABC acquired a copyright in exchange for 10,000 ordinary shares, par value of P10. The quoted market price on the stock exchange was P15 per share.The copyright was estimated by ABC to have a fair market value of P140,000. ABC should record the copyright on its books at:O P138,000O P150,000O Answer not givenO P140,000O P100,000

Solution: When shares are issued in exchange for a consideration other than cash, then the…

ABC acquired a copyright in exchange for 10,000 ordinary shares, par value of P10. The quoted market price on the stock exchange was P15 per sha The copyright was estimated by ABC to have a fair market value of P140,000. ABC should record the copyright on its books at: P138,000 O P150,000 O Answer not given O P140,000 O P100,000

ABC acquired a copyright in exchange for 10,000 ordinary shares, par value of P10. The quoted market price on the stock exchange was P15 per sha The copyright was estimated by ABC to have a fair market value of P140,000. ABC should record the copyright on its books at: P138,000 O P150,000 O Answer not given O P140,000 O P100,000

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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