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What amount of the proceeds should be allocated

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Problem - Remington Company issued 10,000 ordinary shares with P200 par value and 20,000 preference shares with P200 par value for a total consideration of P8,0000,000. At the date of issue, the ordinary share was selling for P360 and the preference share was selling for P270.

1. What amount of the proceeds should be allocated to the preference shares?

2. What amount of the proceeds should be allocated to the ordinary share?

Reference no: EM132898063

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