Reference no: EM132737769
VIOLET Corporation was incorporated on January 1, 2020 with the following authorized capitalization:
(a) 40,000 ordinary shares, no par value, stated value ?40 per share
(b) 10,000 shares of 5% cumulative preference share, par value ?10 per share.
Problem 1: During 2020, Violet issued 24,000 ordinary shares for a total consideration of ?1,200,000 and 6,000 preference share at ?16 per share. In addition, on December 19, 2020, subscriptions for 2,000 preference shares were taken at a purchase price of ?17. These subscribed shares were paid for on January 2, 2021. How much is the legal capital?
A) ? 1,330,000
B) ? 1,040,000
C) ? 1,296,000
D) ? 1,280,000
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