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ginning of curr with the follow lative preferenc a value P12, aut areş, P1,000,000

ginning of curr with the follow lative preferenc a value P12, aut areş, P1,000,000

FINANCIAL ACCOUNTING
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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Problem 18-21 (AICPA Adapted) At the beginning of current year, Trojan Company was organized with the following capital structure: 10% cumulative preference share capital, par. value P10, liquidation value P12, authorized, issued and outstanding 100,000 shares, P1,000,000. Ordinary share capital, par value P100, authorized 40,000 shares, issued and outstanding 30,000 shares, P3,000,000. The net income for the current year was P6,000,000 and no dividends were declared. 1. What amount should be reported as book value per odinary share? а. 290 b. 293 с. 300 d. 333 2. What amount should be reported as book vålue per preference share? а. 100 b. 130 c. 110 d. 120
Transcribed Image Text:Problem 18-21 (AICPA Adapted) At the beginning of current year, Trojan Company was organized with the following capital structure: 10% cumulative preference share capital, par. value P10, liquidation value P12, authorized, issued and outstanding 100,000 shares, P1,000,000. Ordinary share capital, par value P100, authorized 40,000 shares, issued and outstanding 30,000 shares, P3,000,000. The net income for the current year was P6,000,000 and no dividends were declared. 1. What amount should be reported as book value per odinary share? а. 290 b. 293 с. 300 d. 333 2. What amount should be reported as book vålue per preference share? а. 100 b. 130 c. 110 d. 120
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