Reference no: EM132949961
Question - The shareholders' equity of Rocket Corporation revealed the following on December 31, 2021:
Preference share capital, P100 par P250,000
Preference share premium 80,000
Ordinary share capital, P50 par 500,000
Ordinary share premium 200,000
Ordinary share subscribed 10,000
Retained earnings 170,000
Notes payable 300,000
Subscription receivable - ordinary 40,000
The call date of all subscription receivable as of date is within 3 months.
The requirements for this set of information, to be entered in the next two questions, are:
How much is the legal capital of the corporation?
How much is the total stockholders' equity?
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