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Determine the amount credited to share premium

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Reference no: EM133188480

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Q1. BTS Corporation has issued 4,000 shares of ordinary shares and 1,000 shares of preference shares for a lump sum of P180,000 cash. Assuming the par value of the ordinary was P10 and the market value P30, and the par value of the preference was P50 and the market value P60. (Each valuation is on a per share basis and there are ready markets for each share.) What is the amount credited to Share Premium - Preference?

Q2. On April 2, 2022, BTS Corporation issued 4,000 shares of 6 percent cumulative P100 par value preference share for P520,000. Each preference share carried one detachable share warrant which entitled the holder to acquire, at P17, one share of BTS P10 par ordinary share. On April 2, 2022, the market price of the preference share (without warrants) was P90 per share and the market price of the share warrants was P15 per warrant. Eighty five percent of the warrants were exercised on June 12, 2022. The remaining warrants expired.

1. Determine the amount credited to Share Premium - Warrants by BTS on the issuance of the share.

2. How much should be credited to Ordinary Share premium on the exercised of the warrants?

Reference no: EM133188480

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