GRAPES Company provided the following data for the year: • Sold 25,000 preference shares, 12%, ₱50 par, at ₱75 • 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 retained earnings equal to the balance of treasury shares. 13. How much is the balance of the shareholders’ equity at year-end? 14. How much is the total legal capital? 15. How much the total contributed capital?
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
13. How much is the balance of the shareholders’ equity at year-end?
14. How much is the total legal capital?
15. How much the total contributed capital?
Step by step
Solved in 6 steps
