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What amount should share premium account of corridor company

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Samantha Company issued 6,000 shares of its P100 par ordinary share to Jake V. as compensation for 1,000 hours of legal services performed. Jake V. usually bills P700 per hour for legal services. On this date of issuance, the share was selling at a public trading at P150 per share.

Question 1: By what amount should the share premium account of Corridor Company increase as a result of the issuance of those shares?

Reference no: EM132466955

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