Reference no: EM132506049
The Esplanade Co. was organized on January 1, 2005 with authorized stock consisting of 50,000 shares of P50 par value preference shares and 1,000,000 shares of no-par ordinary shares with a stated value of P6.
At December 31, 2005, the ledger included the following balances pertaining to stockholders' equity
Preference shares ................... P1,000,000
Share premium-preference...... 168,000
Ordinary shares .................. 3,000,000
Share premium -ordinary......... 4,800,000
- Eight thousand shares of preference shares were issued for land. No market value was known for the land but the stock has a quoted price of P56 per share when the issuance was made. The remaining preference shares were issued for cash. All ordinary shares were issued for cash.
Required:
Question a. Price per share of preference shares issued for cash _________
Question b. Total share premium arising from issuance of preference shares for cash _________
Question c. Number of ordinary shares issued _____________
Question d. If 350,000 shares of ordinary shares were issued for P12 per share, how much is the total share premium arising from issuance of the remaining 150,000 ordinary shares? ________
Question e. What is the average price per share of the 150,000 ordinary shares issued for cash?
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