Reference no: EM132563080
Question - The Solar Corporation was incorporated on January 1, 2014, with the following authorized capitalization:
40,000 shares of ordinary share capital, no par value, stated value P50 per share
10,000 shares of 5% cumulative preference share capital, par value P100
During 2014, GHI issued 24,000 ordinary shares for P60 per share and 6,000 preference shares at P120 per share. In addition, on
December 10, 2014 subscription for 2,000 preference shares were taken at a purchase price of P150. A down payment of 30% was
received. The full payment on these subscribed shares was received on January 5, 2014.
What should GHI report as total increase in shareholders' equity on its December 31, 2014 Statement of Financial Position?
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