z =the shareholders’ equity section of Fan Company revealed the following information on December , 2014: Preference share (P100 par),:P2,300,000; share premium in excess of par preference, P805,000; ordinary share (P15 par), P5,250,000; share premium in excess of par-ordinary, P2,750,000; subscribed ordinary share,.P50,000; Accumulated profits and losses, P1,900,000; and subscriptions receivable-ordinary, 400,000. How much is the legal capital? 2,9 2. The Goat Corporation is authorized to issue 100,000 shares at P20 par ordinary share. At the beginning of 2014, 18,000 ordinary shares were issued and outstanding, These shares had been issued at P27 per share. During 2014, the company entered into the following transactions: January 2 ~ Issued 1,300 ordinary shares at P28 per share. Mar 19 — Exchanged 12,000 ordinary shares for a machine. The ordinary share was selling at P30 per share. May 8 - Reacquired 500 ordinary shares at P29 per share. July 10 Accepted subscriptions for 1,000 ordinary shares at P31 per share. The contract called for 10% down payment with the balance due on December 1 September 1 ~ Sold 500 treasury share at P32 per share. December 1 ~ Collected the balance on July 1 subscriptions and issued the stock certificate. How much is the total contributed capital for December 31, 2014? 3, On July 1, 2014, Solo Company has 200,000 shares of P10 par ordinary share outstanding and the market price of the share is P12 per share. On the same date, Solo declared at for 2 reverse share split. The par of the share was increased from P10 to P20. Immediately before the split, the total Share premium was P900,000. What should be the balance in Solo’s Share Premium account after the reverse stock/share split is effected? 4, Effective April 23, 2014, the shareholders of Warm Corporation approved a2 for 1 share split of Warm ordinary share and an increase in authorized ordinary share from 100,000 shares (par value P80 per share) to 200,000 shares (par value of P40 per share). Warm Shareholders’ Equity accounts immediately before issuance of the share split shares were a5 follows: |, 50,000 shares outstanding) ~ P4,000,000; Ordinary share (par value P80, 100,000 shares authorized, ‘share) — P600,000; and Accumulated Profits Share Premium (12 per share on the issuance of ordinary ‘and Losses ~ P5,400,000. The split shares were issued on June 30, 2014. of shareholders’ equity, what are the respective in warm Corporation’s June 30, 2014 statement respectively? balances of Share Premium and Accumulated Profits and Losses,5. Granny Corporation purchased 10,000 shares of its P10 par value ordinary share as treasury share for P120,000 on March 2, 2014. On December 19, 2014, Granny issued all 10,000 treasury shares for 190,000. Under the cost method of accounting for treasury share, the reissuance would result in a credit to. 6. The following capital accounts are shown in the balance sheet of Laughing Corporation: Ordinary share, 10,000 shares, par value P100 1,000,000 Premium on ordinary share 20,000 Share Premium — treasury shares 30,000 Accumulated Profits and Losses 750,000 250,000 Treasury share, 2,000 shares at cost The entire 2,000 treasury shares were sold for P200,000. What would be the balance of the Accumulated Profits and Losses account after the sale? 7. The analysis of shareholders’ equity of P Company at January 1, 2014 showed the following: Ordinary share, par value P20, authorized 200,000 shares, issued and outstanding, 120,000 shares ~ P2,400,000; Share premium — P480,000; Accumulated profits and losses ~ P1,540,000. The company uses the cost method of accounting for treasury share and the following transactions took place: Acquired 2,000 shares of its shares for P70,000. Sold 1,200 treasury shares at P40 per share. Retired the remaining treasury shares. What is the amount of the Share premium at the end of the accounting period?