The corporation was organized early this year. Authorization was obtained to issue 100,000 shares of P10 par value ordinary shares capital and 20,000 shares of P50 par, 10% cumulative preference share capital. 50,000 ordinary shares were issued at P15 and 30,000 shares were subscribed at P20. Additionally, 10,000 preference shares were issued at P60 and 5,000 shares were subscribed at P80. The corporation earned P1,500,000 net income for the year. How many preference shares are available for subscription as of the end of the year? Give your answer in this format X,XXX.
The corporation was organized early this year. Authorization was obtained to issue 100,000 shares of P10 par value ordinary shares capital and 20,000 shares of P50 par, 10% cumulative preference share capital. 50,000 ordinary shares were issued at P15 and 30,000 shares were subscribed at P20. Additionally, 10,000 preference shares were issued at P60 and 5,000 shares were subscribed at P80. The corporation earned P1,500,000 net income for the year. How many preference shares are available for subscription as of the end of the year? Give your answer in this format X,XXX.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![The corporation was organized early this year.
Authorization was obtained to issue 100,000 shares of P10 par value ordinary shares capital and 20,000 shares of P50 par, 10% cumulative
preference share capital.
50,000 ordinary shares were issued at P15 and 30,000 shares were subscribed at P20.
Additionally, 10,000 preference shares were issued at P60 and 5,000 shares were subscribed at P80.
The corporation earned P1,500,000 net income for the year.
How many preference shares are available for subscription as of the end of the year? Give your answer in this format X,XXX.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa822ad20-0326-4026-96a3-fb5a29fa48f6%2F44ed9b82-b2a2-4f6d-85bf-ff53d414bc95%2Fedt1iou_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The corporation was organized early this year.
Authorization was obtained to issue 100,000 shares of P10 par value ordinary shares capital and 20,000 shares of P50 par, 10% cumulative
preference share capital.
50,000 ordinary shares were issued at P15 and 30,000 shares were subscribed at P20.
Additionally, 10,000 preference shares were issued at P60 and 5,000 shares were subscribed at P80.
The corporation earned P1,500,000 net income for the year.
How many preference shares are available for subscription as of the end of the year? Give your answer in this format X,XXX.
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