Find what is the amount of legal capital

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Reference no: EM132738019

Glenn Company provided the following information at year-end:

Preference share capital, P100 par 2,300,000

Share premium - preference share 805,000

Ordinary share capital, P10 par 5,250,000

Share premium - ordinary share 2,750,000

Subscribed ordinary share capital 50,000

Retained earnings 1,900,000

Note payable 4,000,000

Subscription receivable - ordinary share 400,000

Problem 1: What is the amount of legal capital?

Reference no: EM132738019

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