Reference no: EM133183798

Question - During its first year of operations, Tapu Fini Corporation entered into the following transactions relating to shareholders' equity. Tapu's articles of incorporation authorized the issue of 2,400,000 ordinary shares, P10 par per share, and 300,000 preference shares, P50 par per share.

Mar 14 Sold 500,000 ordinary shares for P100 per share.

Mar 15 Issued 20,000 ordinary shares to attorneys in exchange for legal services

Mar 15 Sold 35,000 of its ordinary shares and 10,000 preference shares for P6,000,000.

Nov 20 Issued 1,900 of its ordinary shares in exchange for equipment for which the cash price was known to be P185,000.

Determine the correct balance of the following accounts:

1. Ordinary share capital

a. 5,569,000

b. 5,219,000

c. 5,550,000

d. 6,069,000

2. Share premium - ordinary shares

a. 46,800,000

b. 49,950,000

c. 52,116,000

d. 50,116,000

3. Preference share capital

a. 2,500,000

b. 2,000,000

c. 500,000

d. 0

4. Share premium - preference shares

a. 2,500,000

b. 5,150,000

c. 2,000,000

d. 0