BFAR Corporation has the following transactions during the year: Authorized Ordinary share capital of 500,000 shares at P4 par value. • Issued 20,000 ordinary shares at P6.00 per share. ● • Issued 10,000 in exchange of printing equipment at P100,000. • Issued 20,000 in exchange of 50 hours legal services. The fair value of legal services is 2,500 per hour. Compute the Ordinary Share capital.
BFAR Corporation has the following transactions during the year: Authorized Ordinary share capital of 500,000 shares at P4 par value. • Issued 20,000 ordinary shares at P6.00 per share. ● • Issued 10,000 in exchange of printing equipment at P100,000. • Issued 20,000 in exchange of 50 hours legal services. The fair value of legal services is 2,500 per hour. Compute the Ordinary Share capital.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:BFAR Corporation has the following transactions during the year:
• Authorized Ordinary share capital of 500,000 shares at P4 par value.
Issued 20,000 ordinary shares at P6.00 per share.
• Issued 10,000 in exchange of printing equipment at P100,000.
• Issued 20,000 in exchange of 50 hours legal services. The fair value of legal services is 2,500 per hour.
Compute the Ordinary Share capital.
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