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On June 1, Jungkook Corporation issued 8,000 shares of its P100 par ordinary share capital to Jimin for a building. The shares were actively traded in the stock exchange at P150 per share. The Jimin's last property tax bill, the land had an assessed value of P1,640,000. What is the increase in the share premium account of Jungkook Company as a result of the foregoing issuance of shares? * . 600,000 O 640,000 O 440,000 O 400,000

On June 1, Jungkook Corporation issued 8,000 shares of its P100 par ordinary share capital to Jimin for a building. The shares were actively traded in the stock exchange at P150 per share. The Jimin's last property tax bill, the land had an assessed value of P1,640,000. What is the increase in the share premium account of Jungkook Company as a result of the foregoing issuance of shares? * . 600,000 O 640,000 O 440,000 O 400,000

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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On June 1, Jungkook Corporation issued 8,000 shares of its P100 par ordinary share capital to Jimin for a building. The shares were actively traded in the stock exchange at P150 per share. The Jimin's last property tax bill, the land had an assessed value of P1,640,000. What is the increase in the share premium account of Jungkook Company as a result of the foregoing issuance of shares? * O 600,000 O 640,000 O 440,000 O 400,000
Transcribed Image Text:On June 1, Jungkook Corporation issued 8,000 shares of its P100 par ordinary share capital to Jimin for a building. The shares were actively traded in the stock exchange at P150 per share. The Jimin's last property tax bill, the land had an assessed value of P1,640,000. What is the increase in the share premium account of Jungkook Company as a result of the foregoing issuance of shares? * O 600,000 O 640,000 O 440,000 O 400,000
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