D. Compute or provide the answers for the following: 14. How much is the total legal capital? 15. How much the total contributed capital?
Problem 2:
GRAPES Company provided the following data for the year:
• Sold 25,000
• Sold 80,000 ordinary shares of ₱10, par at ₱45.
• Purchased and retired 10,000 preference shares at ₱60
• Purchased 5,000 shares at ₱40 to be held as treasury
• Sold 3,000 treasury ordinary shares at ₱50
• Share split up for ordinary shares, 2 for 1
• Shareholders donated 10,000 ordinary shares. One half of these were sold for ₱20
• Retired 500 treasury ordinary shares
• Net income for the year was ₱2,500,000
• Appropriated
Requirements:
D. Compute or provide the answers for the following:
14. How much is the total legal capital?
15. How much the total contributed capital?
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