“The N” Corporation is authorized to issue 100,000 ordinary shares, P17 par value. At the beginning of 2019, 18,000 ordinary shares were issued and outstanding. These shares had been issued at P24. During 2019, the company entered into the following transactions:  Jan. 16 Issued 1,300 ordinary shares at P25 per share  Mar. 21 Exchanged 12,000 ordinary shares for a building. The ordinary shares were selling at P27 per share. The building had a carrying amount of P412,000. Jul. 1 Accepted subscriptions to 1,000 ordinary shares at P28 per share. The contract called for 10% down payment with the balance due on December 1.  Sept. 20 Sold 500 treasury shares with cost of P26 per share at P29 per share. Dec. 1 Collected the balance due on July 1 subscriptions and issued the shares.  Compute for the total contributed capital for December 31, 2019.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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“The N” Corporation is authorized to issue 100,000 ordinary shares, P17 par value. At the beginning of 2019, 18,000 ordinary shares were issued and outstanding. These shares had been issued at P24. During 2019, the company entered into the following transactions: 

  • Jan. 16 Issued 1,300 ordinary shares at P25 per share 
  • Mar. 21 Exchanged 12,000 ordinary shares for a building. The ordinary shares were selling at P27 per share. The building had a carrying amount of P412,000.
  • Jul. 1 Accepted subscriptions to 1,000 ordinary shares at P28 per share. The contract called for 10% down payment with the balance due on December 1. 
  • Sept. 20 Sold 500 treasury shares with cost of P26 per share at P29 per share.
  • Dec. 1 Collected the balance due on July 1 subscriptions and issued the shares. 

Compute for the total contributed capital for December 31, 2019.

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