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Determine how capital in excess of par should be creditefor

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Jay and Kay partnership's balance sheet at December 31, 2015, reported the following:

Total Assets           100,000

Total Liabilities         20,000

Jay, Capital             40,000

Kay, Capital           40,000

Problem 1: On January 02, 2016, Jay and kay dissolved their partnership and transferred all assets and liabilities to a newly formed corporation. At the date of incorporation, the fair value of the net assets was 12,000 more than the carrying amount on the partnership's book of which 7,000 was assigned to goodwill. Jay and Kay were each issued 5,000 shares of the corporation's 1 peso par value common stock. Immediately following incorporation, additional paid in capital in excess of par should be credited for?

Reference no: EM132478571

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