Avalanche Inc. revealed the following information for the year ended December 31, 2021: Preference share, P100 par - P2.4 million; Share premium, preference - P700,000; Ordinary share, P15 par - P3.5 million; Share premium, ordinary - P1.5 million; Subscribed ordinary share - P100,000; Retained earnings - P2 million; Subscription receivable, ordinary - P20,000 How much is the legal capital?

Avalanche Inc. revealed the following information for the year ended December 31, 2021: Preference share, P100 par - P2.4 million; Share premium, preference - P700,000; Ordinary share, P15 par - P3.5 million; Share premium, ordinary - P1.5 million; Subscribed ordinary share - P100,000; Retained earnings - P2 million; Subscription receivable, ordinary - P20,000 How much is the legal capital?

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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