On July 1, 2013, the Monster Corporation was registered with the SEC. Its authorized share capital consists of 100,000 ordinary shares with par value P20.00 per share. On July 15, 2013, it issued 10,000 shares at P23 per share. On October 15, 2013, the Monster Corp. paid to the majority shareholder the sum of P80,000 for a certain parcel of land; and issued 5,000 ordinary shares for the building on the land. The land was appraised at P130,000. The building has a cost of P150,000 and its depreciated value is P90,000. It was appraised at P120,000. On April 15, 2014, the corporation purchased 5,000 of its own ordinary shares for P100,000. On June 15, 2014, 2,000 of the treasury shares were sold at P24 per share. How much is the total share premium of Monster Corp. on June 30, 2014?

On July 1, 2013, the Monster Corporation was registered with the SEC. Its authorized share capital consists of 100,000 ordinary shares with par value P20.00 per share. On July 15, 2013, it issued 10,000 shares at P23 per share. On October 15, 2013, the Monster Corp. paid to the majority shareholder the sum of P80,000 for a certain parcel of land; and issued 5,000 ordinary shares for the building on the land. The land was appraised at P130,000. The building has a cost of P150,000 and its depreciated value is P90,000. It was appraised at P120,000. On April 15, 2014, the corporation purchased 5,000 of its own ordinary shares for P100,000. On June 15, 2014, 2,000 of the treasury shares were sold at P24 per share. How much is the total share premium of Monster Corp. on June 30, 2014?

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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