At the start of the year, Camille Company had 300,000 issued P100-par ordinary shares and 120,000 issued P20-par preference shares. The following occurred during the year: January 10- Issued share rights to all outstanding ordinary shares. Five rights are needed to purchase one ordinary share for P110. March 21- Received a parcel of land with a fair value of P2,465,000 for the issuance of P10,000 preference shares and 20,000 ordinary shares. The fair values of shares are P50 and P120, respectively. June 1- Received subscription for 10,000 ordinary shares for P135 each. 30% downpayment was received. June 16- 20,000 share rights were exercised. August 19- Received subscription for 20,000 ordinary shares for P140 each. 25% down payment was received. Balance is expected to be collected on the year. December 28- Subscriptions from June 1 were declared delinquent. Expenses relating to the delinquency sale totaled P20,000. Questions: 1. How much is the ending balance of the Share Premium - Ordinary? 2. How much is the amount of Legal Capital as of yearend? 3. How much is the total equity-related receivables as of yearend?
At the start of the year, Camille Company had 300,000 issued P100-par ordinary shares and 120,000 issued P20-par
January 10- Issued share rights to all outstanding ordinary shares. Five rights are needed to purchase one ordinary share for P110.
March 21- Received a parcel of land with a fair value of P2,465,000 for the issuance of P10,000 preference shares and 20,000 ordinary shares. The fair values of shares are P50 and P120, respectively.
June 1- Received subscription for 10,000 ordinary shares for P135 each. 30% downpayment was received.
June 16- 20,000 share rights were exercised.
August 19- Received subscription for 20,000 ordinary shares for P140 each. 25% down payment was received. Balance is expected to be collected on the year.
December 28- Subscriptions from June 1 were declared delinquent. Expenses relating to the delinquency sale totaled P20,000.
Questions:
1. How much is the ending balance of the Share Premium - Ordinary?
2. How much is the amount of Legal Capital as of yearend?
3. How much is the total equity-related receivables as of yearend?
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