The N Corporation is authorized to issue 100,000 ordinary shares, P17 par value. At the beginning of the year, 18,000 ordinary shares were issued and outstanding. These shares had been issued at P24. During the year, the company entered into the following transactions:Jan. 16Issued 1,300 ordinary shares at P25 per share.Mar. 21Exchanged 12,000 ordinary shares for a building. The ordinary shares were selling at P27 per share.May 7Reacquired 500 ordinary shares at P26 per share to be held in treasury.July 1Accepted subscriptions to 1,000 ordinary shares at P28 per share. The contract called for 10% down payment with the balance due on June 30 next year.Sept. 20Sold 500 treasury shares at P29 per share. Total contributed capital at December 31 is Group of answer choices615,000818,000613,500816,500

The total contributed capital is the total value of the shares issued at the year-end. The treasury…

Answered: The N Corporation is authorized to…

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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The N Corporation is authorized to issue 100,000 ordinary shares, P17 par value. At the beginning of the year, 18,000 ordinary shares were issued and outstanding. These shares had been issued at P24. During the year, 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.
May 7	Reacquired 500 ordinary shares at P26 per share to be held in treasury.
July 1	Accepted subscriptions to 1,000 ordinary shares at P28 per share. The contract called for 10% down payment with the balance due on June 30 next year.
Sept. 20	Sold 500 treasury shares at P29 per share.

Total contributed capital at December 31 is

Group of answer choices

615,000

818,000

613,500

816,500

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