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The shareholders' equity of McCoy Corp. revealed the following on June 30, 2017: ·       Preference share, P100 par value: P230,000 ·       Preference share premium: 80,500 ·       Ordinary share, P15 par value: 525,000 ·       Ordinary share premium: 275,000 ·       Ordinary share subscribed: 5,000 ·       Retained earnings: 190,000 ·       Notes payable: 400,000 ·       Subscription receivable -ordinary: 40,000 How much is the legal capital of the corporation?   P760,000 P1,115,500 P775,000 P1,305,500

The shareholders' equity of McCoy Corp. revealed the following on June 30, 2017: ·       Preference share, P100 par value: P230,000 ·       Preference share premium: 80,500 ·       Ordinary share, P15 par value: 525,000 ·       Ordinary share premium: 275,000 ·       Ordinary share subscribed: 5,000 ·       Retained earnings: 190,000 ·       Notes payable: 400,000 ·       Subscription receivable -ordinary: 40,000 How much is the legal capital of the corporation?   P760,000 P1,115,500 P775,000 P1,305,500

FINANCIAL ACCOUNTING
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 shareholders' equity of McCoy Corp. revealed the following on June 30, 2017:

·       Preference share, P100 par value: P230,000
·       Preference share premium: 80,500
·       Ordinary share, P15 par value: 525,000
·       Ordinary share premium: 275,000
·       Ordinary share subscribed: 5,000
·       Retained earnings: 190,000
·       Notes payable: 400,000
·       Subscription receivable -ordinary: 40,000

How much is the legal capital of the corporation?
 
P760,000
P1,115,500
P775,000
P1,305,500
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