25The Blazing Blue Corporation is authorized to issue 100,000 P 10 par value ordinary shares and30,000 no par but with stated value of P 100 preference shares. The corporation engaged inthe following share capital transactions through December 31,2019:- 30,000 ordinary shares were issued for P 350,000 and 12,000 preference shares for anequipment valued at P 1,475,000.- Subscriptions for 4,500 ordinary shares have been taken and 40% of the subscription price ofP 16 per share has been colleccted. The shares will be issued upon collection of the subscriptionprice in full.30 days after call date, the subscription is decdared to be delinquent and were advertised forsale at a publiC auction.- Other costs related to the sale of delinquent shares costs P5.000.Received bids from the following: A- 500 shares B- 700 shares C-1,000 shares- The amount from the highest bidder is collected and certificates of share capital were issued.- The retained earnings balance on December 31.2019 is P 350 00.How much is the total contributed capital as of December 31,2019?Enter your anSwer

Shareholder's Equity Shareholder's Equity which includes preference and ordinary share capital with…

Other costs related to the sale of delinquent shares costs P 5.000. - Received bids from the following: A- 500 shares; B- 700 shares: C- 1,000 shares - The amount from the highest bidder is collected and certificates of share capital were issued. - The retained earnings balance on December 31.2019 is P 350,000. How much is the total contributed capital as of December 31,2019?

Other costs related to the sale of delinquent shares costs P 5.000. - Received bids from the following: A- 500 shares; B- 700 shares: C- 1,000 shares - The amount from the highest bidder is collected and certificates of share capital were issued. - The retained earnings balance on December 31.2019 is P 350,000. How much is the total contributed capital as of December 31,2019?

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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Concept explainers

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

Question

25
The Blazing Blue Corporation is authorized to issue 100,000 P 10 par value ordinary shares and
30,000 no par but with stated value of P 100 preference shares. The corporation engaged in
the following share capital transactions through December 31,2019:
- 30,000 ordinary shares were issued for P 350,000 and 12,000 preference shares for an
equipment valued at P 1,475,000.
- Subscriptions for 4,500 ordinary shares have been taken and 40% of the subscription price of
P 16 per share has been colleccted. The shares will be issued upon collection of the subscription
price in full.
30 days after call date, the subscription is decdared to be delinquent and were advertised for
sale at a publiC auction.
- Other costs related to the sale of delinquent shares costs P5.000.
Received bids from the following: A- 500 shares B- 700 shares C-1,000 shares
- The amount from the highest bidder is collected and certificates of share capital were issued.
- The retained earnings balance on December 31.2019 is P 350 00.
How much is the total contributed capital as of December 31,2019?
Enter your anSwer

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