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What is the price per share of preference share capital

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Question - The Reconstruction Corporation was organized on January 1, 2019 with authorized share capital consisting of 50,000 preference shares with a par value of P60 and 1,000,000 of no-par ordinary shares with a stated value of P10. At December 31, 2019, the ledger included the following balances pertaining to shareholders' equity:

Preference Share Capital P1,080,000

Preference Share Premium 120,000

Ordinary Share Capital 3,000,000

Ordinary Share Capital in Excess of Stated Value 4,500,000

Ten thousand of the preference shares were issued for equipment having a fair value of P680,000 and the remaining preference shares were issued for cash. All ordinary shares were issued for cash.

Required - What is the price per share of preference share capital issued for cash?

Reference no: EM133043447

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