the following transactions occurred: January 1 Sold 30,000 shares at P150 per share February 1 Issued 2,000 shares for legal services with fair value of P250,000. The shares on this date are quoted at P140 per share. March 1 Purchased 5,000 treasury share
An entity was organized at the beginning of current year with 100,000 authorized shares of P100 par value. During the current year, the following transactions occurred:
|
January 1 |
Sold 30,000 shares at P150 per share |
|
February 1 |
Issued 2,000 shares for legal services with fair value of P250,000. The shares on this date are quoted at P140 per share. |
|
March 1 |
Purchased 5,000 treasury shares at a cost of P120 per share. |
|
October 1 |
Issued P5,000,000 convertible bonds at 120. The bonds are quoted at 98 without the conversion feature. |
|
November 15 |
Declared a 2 for 1 share split when the market value of the share was P160. |
|
December 15 |
Sold 20,000 shares at P75 per share. |
|
December 31 |
The net income for the year was P2,000,0000. |
- What amount should be reported as share capital at year-end?
- What amount should be recognized as share premium at year-end?
- What is the total shareholders’ equity at year-end?
- How many shares are outstanding at year-end?
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