Reference no: EM132950222
Question - Cosmos Corporation was organized on January 1, 2021 with authorized capital of 100,000 ordinary shares, P20 par value. During 2021, Cosmos has the following transactions affecting shareholders' equity
Jan. 19 Issued 30,000 shares at P23 per share.
Mar. 27 Issued 1,000 shares for legal service with a billing price of P25,000. Fair value was P24 per share.
June 21 Issued 4,000 shares for a piece of machinery when the fair value was P27 per share.
The requirements for this set of information, to be entered in the next two questions, are:
Required -
1. How much is the balance of ordinary share capital account as of June 30, 2021?
2. How much should be reported as ordinary share premium as of June 30, 2021?
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