Reference no: EM132771899
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. 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.
Problem 1. What should Violet report as total contributed capital in its December 31, 2020 statement of financial position?
Option 1: $ 1,294,000
Option 2: $ 1,262,000
Option 3: $ 1,040,000
Option 4: $ 1,330,000
Problem 2. How much is the legal capital?
Option 1: $ 1,280,000
Option 2: $ 1,040,000
Option 3: $ 1,296,000
Option 4: $ 1,330,000
Problem 3. How much share premium is to be reported for the year ended, December 31, 2020?
Option 1: $ 276,000
Option 2: $ 36,000
Option 3: $ 290,000
Option 4: $ 50,000
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