At the beginning of 2021, DAI Corp. was organized with authorized capital of 200,000, P500 par value shares. The following transactions transpired during its first year of business. February 4 Issued 15,000 shares at P510 per share. April 10 - Issued 3,000 shares for services received (FMV of the services is P1.7 million) October 23 - Issued 5,000 shares in exchange for a land (FMV of the land is P3 million) What amount should be reported as share premium?
At the beginning of 2021, DAI Corp. was organized with authorized capital of 200,000, P500 par value shares. The following transactions transpired during its first year of business. February 4 Issued 15,000 shares at P510 per share. April 10 - Issued 3,000 shares for services received (FMV of the services is P1.7 million) October 23 - Issued 5,000 shares in exchange for a land (FMV of the land is P3 million) What amount should be reported as share premium?
Chapter1: Financial Statements And Business Decisions
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