The shareholders' equity section of Fairy Company revealed the following information on December 31, 2021: Preference shares (P100 par), P2.300.000; paid in capital in excess of par preference shares, P805,000: ordinary shares (P15 par), P5,250,000: paid in capital in excess of par-ordinary shares, P2,750,000; Subscribed ordinary shares, P50,000; Retained earnings, P1,900,000; and Subscription Receivable - ordinary shares, P400,000. How much is the legal capital?
The shareholders' equity section of Fairy Company revealed the following information on December 31, 2021: Preference shares (P100 par), P2.300.000; paid in capital in excess of par preference shares, P805,000: ordinary shares (P15 par), P5,250,000: paid in capital in excess of par-ordinary shares, P2,750,000; Subscribed ordinary shares, P50,000; Retained earnings, P1,900,000; and Subscription Receivable - ordinary shares, P400,000. How much is the legal capital?
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:The shareholders' equity section of Fairy Company revealed the following information on December
31, 2021: Preference shares (P100 par), P2.300.000; paid in capital in excess of par preference
shares, P805,000: ordinary shares (P15 par), P5,250,000: paid in capital in excess of par-ordinary
shares, P2,750,000; Subscribed ordinary shares, P50,000; Retained earnings, P1,900,000; and
Subscription Receivable - ordinary shares, P400,000. How much is the legal capital?
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