Virma Corporation sold to a subscriber 500 shares of its P30 par value common stock at P32 per share receiving a 30% down payment. In recording this transaction,  A. Ordinary share will be credited in the amount of P15,000 B. Ordinary share will be credited in the amount of P16,000 C. Subscribed share capital will be credited in the amount of P15,000 D. Share premium will be credited in the amount of P4,500 Leon Corporation sold 500 shares of its P40 par value preferred stock for cash at P50 per share. In recording this transaction, there would be a  A. Credit to preference share capital for P25,000 B. Credit to preference share capital for P20,000 C. Credit to subscribed preference share capital for P20,000 D. Credit to share capital in excess of stated value for P5,000 Luningning Corporation sold for cash 400 shares of preferred stock with a par value of P50 per share at P56 per share. Also, 600 shares of common stock with no par value but with the stated value of P100 per share were sold for P102 per share. What would be the effect of the transaction on the total Share Premium?  A. 0 B. P1,200 C. P2,400 D. P3,600 Mario Corporation received subscription for 400 shares of capital stock with a par value of P20 per share. The subscription price was P23 per share. What would be the effect of the above transaction on the Share Capital account? Share Premium Account  A. P8,000 Increase P1,200 Increase B. 9,200 Increase 0 C. 0 1,200 Increase D. 0 9,200 Increase E. Share Capital Share Premium Kiss company receives a building in exchange for the company's 6,000 shares of P1,000 par value common stock. On the date of exchange, the book value of the building was P3,850,000 while its fair market value was P6,400,000. The stocks are trading in the stock exchange at P1,100 per share. What would be the effect of this transaction on the total share premium? A. P400,000 increase B. P600,000 Decrease C. P6,000,000 Increase D. P6,400,000 Increase Whistleblow, Inc. issued 500 shares of its P240 par value common stock to a lawyer for the latter's legal services. The shares were in payment for the 1,000 hours rendered by the lawyer who billed the company P160 per hour. On the date of stock issuance, the stocks were trading in the stock exchange at P320 per share.  A. Organization expense 160,000 Ordinary Share Capital 160,000 B. Organization expense 120,000 Ordinary Share Capital 120,000 C. Organization expense 160,000 Ordinary Share Capital 120,000 Share Premium 40,000 D. Organization expense 160,000 Ordinary Share Capital 120,000 Cash 40,000 Whistleblow, Inc. issued 500 shares of its P240 par value common stock to a lawyer for the latter's legal services. The shares were in payment for the 1,000 hours rendered by the lawyer who billed the company P160 per hour. On the date of stock issuance, the stocks were trading in the stock exchange at P320 per share.  A. Organization expense 160,000 Ordinary Share Capital 160,000 B. Organization expense 120,000 Ordinary Share Capital 120,000 C. Organization expense 160,000 Ordinary Share Capital 120,000 Share Premium 40,000 D. Organization expense 160,000 Ordinary Share Capital 120,000 Cash 40,000 Sweety Corporation sold 4,00 share of its P100 par value common stock to a subscriber at P105 per share receiving an initial payment of 305 of the subscriptions price. After repeated demands from the subscriber to pay the remaining balance but no avail, the corporation was forced to sell the delinquent shares at public auction, incurring advertising costs of P24,000. What should be the minimum bid for the delinquent shares?  A. P280,000 B. P304,000 C. P294,000 D. P318,000 A corporation issued 400,000 common shares in 200C. In the middle of 200D. 50,000 shares were reacquired. In the third quarter of 200D. additional 300,000 shares of common stock and 100,000 preferred shares convertible into 200,000 common shares were issued. On December 31, 200D, how many common shares were outstanding?  A. 900,000 B. 850,000 C. 700,000 D. 650,000 Shares of treasury stock acquired for P20,000 were sold by the corporation to a new stockholders for P30,000. To record this transaction.  A. Treasury Share Capital would be credited for P30,000 B. Treasury Share Capital would be credited for P20,000 C. Share Premium would be credited for P10,000 D. Share Premium would be credited for P30,000