During its first year of operations, TLTH Corporation had the following transactions relating to its ordinary shares:Issued 80,000 shares for cash at P60 per share.Issued 500 shares to lawyers in payment of a bill for P35,000 for services rendered in helping the company to register the corporationIssued 30,000 shares for cash at P68 per share.Issued 10,000 shares for cash at P75 per share.If there is no par value but the stated value is P60 per share, what is the total legal capital? Give your answer in this format x,xxx,xxx

Legal capital means the par value or stated value portion of the share capital.

Answered: total legal capital

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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During its first year of operations, TLTH Corporation had the following transactions relating to its ordinary shares:

Issued 80,000 shares for cash at P60 per share.
Issued 500 shares to lawyers in payment of a bill for P35,000 for services rendered in helping the company to register the corporation
Issued 30,000 shares for cash at P68 per share.
Issued 10,000 shares for cash at P75 per share.

If there is no par value but the stated value is P60 per share, what is the total legal capital? Give your answer in this format x,xxx,xxx

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