Reference no: EM132984468

Question - Super Corporation was incorporated on January 1, 20x1. It was authorized to issue 100,000 ordinary shares with a par value of P200 and 10,000 preference shares with a stated value of P100. The following transactions occurred:

Subscribed 20,000 ordinary shares at par, 50% was paid.

Subscribed 2,000 preference shares at P150 per shares.

Issued 10,000 ordinary shares for a Land with a fair value of P2,500,000.

Fully paid the subscribed ordinary share and subsequently issued.

Paid 20% of the subscribed preference shares.

A shareholder donated inventory to Super Corporation the fair value was P100,000.

Super Corporation re-acquired 5,000 ordinary shares at P230 per share.

The balance on the subscribed preference share was declared delinquent and offered to the highest bidder for P250,000 including the cost of public auction.

Issued 15,000 ordinary shares for P210 per share. Share issuance cost was P50,000.

Issued 1,000 preference shares at stated value. Share issuance cost was P1,000.

2,000 treasury shares were sold for P250 per share.

Mr. X was the highest bidder for the delinquent shares to pay the offer price for a small amount of shares.

500 treasury shares were retired.

Super Corporation reduced the par value of the ordinary shares to P150 per share.

REQUIREMENTS -

1. How much is the legal capital?

2. How much is the ordinary share capital?

3. How much is the total paid in capital?

4. How much is the total shareholders equity?