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What amount is allocated to the preference shares

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Question - COMBO Co. issued 20,000 shares of its P25 par value ordinary shares and 4,000 shares of its P50 par value preference shares for a total of P350,000 cash and an equipment with acquisition cost of P900,000, book value of P450,000 and fair value of P500,000. On that date, the fair value of ordinary shares is P30. What amount is allocated to the preference shares and the journal entry to record the issuance of the shares?

Reference no: EM132756536

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