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Problem 20-11 (AICPA Adapted) At the beginning of carrent year, Aahe CompAny was organied with authorined share cspital of 100,000 shares of P200 par value During the eurrent year, the eatity had the following transactions affecting sharebolder equity January 1o lssed 25.000 ahares at P220 a share March 25 Issued 1,000 shares for legal services when the fair value was P240 share. September 30 lasued 000 shares for a tract of land when the fair value was P260 a share What amount should be reported as share premium at year-end? A M0.000 A800,000 e 40.000 d. 500,000

Problem 20-11 (AICPA Adapted) At the beginning of carrent year, Aahe CompAny was organied with authorined share cspital of 100,000 shares of P200 par value During the eurrent year, the eatity had the following transactions affecting sharebolder equity January 1o lssed 25.000 ahares at P220 a share March 25 Issued 1,000 shares for legal services when the fair value was P240 share. September 30 lasued 000 shares for a tract of land when the fair value was P260 a share What amount should be reported as share premium at year-end? A M0.000 A800,000 e 40.000 d. 500,000

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 11 

Problem 20-11 (AICPA Adapted) At the beginning of current year, Ashe Company was organised with authorized abare capital of 100,000 shares of P200 par value During the current year, the entity had the following transactions affecting shareholders equity: January March 10 Issued 25,000 shares at P220 a share 25 Issued 1,000 ahares for legal services when the fair value was P240 a share. September 30 Issued 5,000 shares for a tract of land when the fair value was P260 a share What amount ahould be reported as share premium at year-end? a. 840.000 b. 800,000 S 540,000 d. 600,000
Transcribed Image Text:Problem 20-11 (AICPA Adapted) At the beginning of current year, Ashe Company was organised with authorized abare capital of 100,000 shares of P200 par value During the current year, the entity had the following transactions affecting shareholders equity: January March 10 Issued 25,000 shares at P220 a share 25 Issued 1,000 ahares for legal services when the fair value was P240 a share. September 30 Issued 5,000 shares for a tract of land when the fair value was P260 a share What amount ahould be reported as share premium at year-end? a. 840.000 b. 800,000 S 540,000 d. 600,000
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