Violet Corp. was organized on January 1, 2014 with authorized capital or 100,000 ordinary shares.P20 par value. During 2014, Violet Co. had the following transactions affecting the shareholders'equity.Jan. 10Issued 25,000 shares at P22 per share.Mar. 25Sept. 30Issued 1,000 shares for legal service when the fair value was P24 per share.Issued 5,000 shares for a piece of equipment when the value was P26 per share.1. How much is the balance the ordinary share capital account as of September 30?2. What amount should be reported as ordinary share premium?

Share premium refers to the sum value of money received by a company over and above the actual par…

Answered: d 25,000 shares at P22 per share. d…

d 25,000 shares at P22 per share. d 1,000 shares for legal service when the d 5,000 shares for a piece of equipment w balance of the ordinary share capital acc ordiner

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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