25The Blazing Blue Corporation is authorized to issue 100,000 P 10 par value ordinary shares and30,000 no par but with stated value of P 100 preference shares. The corporation engaged inthe following share capital transactions through December 31,2019:- 30,000 ordinary shares were issued for P 350,000 and 12,000 preference shares for anequipment valued at P 1,475,000.- Subscriptions for 4,500 ordinary shares have been taken and 40% of the subscription price ofP 16 per share has been colleccted. The shares will be issued upon collection of the subscriptionprice in full.30 days after call date, the subscription is decdared to be delinquent and were advertised forsale at a publiC auction.- Other costs related to the sale of delinquent shares costs P5.000.Received bids from the following: A- 500 shares B- 700 shares C-1,000 shares- The amount from the highest bidder is collected and certificates of share capital were issued.- The retained earnings balance on December 31.2019 is P 350 00.How much is the total contributed capital as of December 31,2019?Enter your anSwer

Shareholder's Equity Shareholder's Equity which includes preference and ordinary share capital with…

Other costs related to the sale of delinquent shares costs P 5.000. - Received bids from the following: A- 500 shares; B- 700 shares: C- 1,000 shares - The amount from the highest bidder is collected and certificates of share capital were issued. - The retained earnings balance on December 31.2019 is P 350,000. How much is the total contributed capital as of December 31,2019?

Other costs related to the sale of delinquent shares costs P 5.000. - Received bids from the following: A- 500 shares; B- 700 shares: C- 1,000 shares - The amount from the highest bidder is collected and certificates of share capital were issued. - The retained earnings balance on December 31.2019 is P 350,000. How much is the total contributed capital as of December 31,2019?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 5MC

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Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000
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