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How much total share premium arising from share transaction

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Reference no: EM132718338

Question 1: Entity A received a subscription for 2,000 shares at $18 per share on March 31,20x1. Entity A collected the subscription receivable on May 15,20x1. Which of the following statement is correct?

A. Entity A should credit share premium for $13,000 on March 31, 20x1

B. Entity A should credit share premium for $26,000 on March 31, 20x1

C. Entity A should credit share premium for $13,000 on March 15, 20x1

D. Entity A should credit share premium for $26,000 on March 15, 20x1

Question 2: Entity A has the following share capital transactions during the year:

  • Issued 10,000 shares with a par value of $10 per share for a total consideration of $160,000.
  • Received share subscriptions for 20,000 shares at a subscription price of $22 per share. Only half of the subscriptions were collected by the end of the year.

How much is the total share premium arising from the share transactions above?

A. 60,000

B. 320,000

C. 300,000

D. 180,000

Reference no: EM132718338

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