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How much should be debited to land account

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Q?1) The shareholder's equity section of Angel Inc. showed the following data on December 31, 2018:

Preference Share (P100 par) P 2,300,000; Preference Share Premium P 805,000;

Ordinary Share (P15 par) P5,250,000; Ordinary Share Premium P 2,750,000

Subscribed Ordinary Share P 50,000; Retained Earnings P 1,900,000

Subscription Receivable (due on January 31, 2019) P 400,000

How much is the legal capital?

Q2) On October 1, 2018, Branded Corporation exchanged 20,000 shares of its P 200 par value of Ordinary Shares for land. A few months ago, the land was appraised by Mr. Roy, an independent appraiser, at P 5,000,000 Branded shares are currently traded at the stock exchange at P 300. How much should be debited to land account?

Q3) Suave Inc. was organized on January 1, 2018 with authorized ordinary share capital of P 2.000,000, P 50 par value. Subsequently, incorporators subscribed for 25,000 ordinary shares at P 54. How much must be paid up upon subscription to comply with the requirement of the SEC?

Reference no: EM133012335

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