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How much is the legal capital at the end of the year

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Question - ABC Corporation was organized on Feb 01, 2021. The corporation was authorized to issue 40,000 shares of 8% preference shares, P130 par value, and 150,000 shares of ordinary shares, P70 par value. Transactions for the year were as follows:

Mar 31 - Sold 45,000 shares of ordinary shares at P85 for cash.

Apr 30 - Issued 5,000 shares of ordinary shares in exchange for an equipment with a fair market value of P400,000.

May 21 - 18,000 shares of ordinary shares were subscribed at P85 and a 60% payment were received.

How much is the legal capital at the end of the year 2021?

Reference no: EM133060145

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