Reference no: EM132813176
The December 31, 2020 condensed Statement of Financial Position of ALL STAR Entertainment Services, a sole proprietorship of RATTLETRAP follows:
Current Assets P 1,400,000
Property, Plant and Equipment - net 1,300,000
P 2,700,000
Liabilities P 700,000
RATTLETRAP, Capital 2,000,000 P 2,700,000
On January 15, 2020, ALL STAR Entertainment Services was incorporated with 10,000 shares of P100 par value common shares issued. Prior to incorporation, Mr. RATTLETRAP had determined the following fair market values:
Current Assets P 1,600,000
Property, Plant and Equipment 2,100,000
Liabilities 700,000
Problem 1: What amount should be credited to Share Premium?
a. P2,000,000
b. P2,300,000
c. P3,200,000
d. P2,500,000
Problem 2: What is the total legal capital of HUSKAR Inc. as of December 31, 2014?
a. P1,157,000
b. P1,055,000
c. P1,097,000
d. P1,115,000
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