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Determine the amount credited to share premium

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Question - At the beginning of the year, a company issued in exchange for property with a fair market value of P1,200,000, 30,000 P30 par ordinary shares. At the time of issuance, the property is reported to have a cost of P1,150,000, while the market shares had a market value of P35 per share. Determine the amount credited to share premium from this issuance.

Reference no: EM132942999

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