Relay Company is permitted to issue 500,000 ordinary shares of P10 par value. During the first year of the corporation's existence, 2021, the following transactions occurred: • 50,000 ordinary shares were sold for P18 per share • In exchange for a patent worth P1,000,000, 50,000 ordinary shares were issued. The total contributed capital at the end of Relay's first year was: O P400,000 O P1,000,000 P900,000 O P1,900,000

Relay Company is permitted to issue 500,000 ordinary shares of P10 par value. During the first year of the corporation's existence, 2021, the following transactions occurred: • 50,000 ordinary shares were sold for P18 per share • In exchange for a patent worth P1,000,000, 50,000 ordinary shares were issued. The total contributed capital at the end of Relay's first year was: O P400,000 O P1,000,000 P900,000 O P1,900,000

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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