What should FROZEN report as total contributed capital in its December 31, 2018 statement of financial position? * FROZEN Corporation was incorporated on January 1, 2018 with the following authorized capitalization: 40,000 ordinary shares, no par value, stated value of P40 per share • 10,000 shares of 5% cumulative preference share, par value of P10 per share During 2018, FROZEN issued 24,000 ordinary shares for a total consideration of P1,200,000 and 6,000 preference share at P16 per share. In addition, on December 29, 2018, subscriptions Lor 2, W pretorence shares were taxon at a purchase price of »17. These subscribed shares wore paid for on January 2, 2019.
What should FROZEN report as total contributed capital in its December 31, 2018 statement of financial position? * FROZEN Corporation was incorporated on January 1, 2018 with the following authorized capitalization: 40,000 ordinary shares, no par value, stated value of P40 per share • 10,000 shares of 5% cumulative preference share, par value of P10 per share During 2018, FROZEN issued 24,000 ordinary shares for a total consideration of P1,200,000 and 6,000 preference share at P16 per share. In addition, on December 29, 2018, subscriptions Lor 2, W pretorence shares were taxon at a purchase price of »17. These subscribed shares wore paid for on January 2, 2019.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
What should FROZEN report as total contributed capital in its December
31, 2018 statement of financial position ? *
FROZEN Corporation was incorporated on January 1, 2018 with the following authorized
capitalization:
40,000 ordinary shares, no par value, stated value of P40 per share
• 10,000 shares of 5% cumulative preference share , par value of P10 per share
During 2018, FROZEN issued 24,000 ordinary shares for a total consideration of P1,200,000
and 6,000 preference share at P16 per share. In addition, on December 29, 2018, subscriptions
Lor 2, W pretorence shares were taxon at a purchase price of »17. These subscribed shares wore
paid for on January 2, 2019.
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