Reference no: EM132905674
Problem 1: How should the excess of the issue price over the par value of the ordinary shares sbuscribed be recorded?
a. As gain on the issuance of ordinary shares.
b. As share premium when the full payment is collected.
c. As share premium at the date of the subscription.
d. As ordinary share capital either at the date of subscription or at the date of collection of the subscription.
The following is a list of selected account balances taken from the December 31, 2020 balance general ledger of Klin Corporation:
Accounts payable P1,400,000
Accounts receivable 2,357,000
Ordinary share capital 1,260,000
Share premium - ordinary 1,082,750
Share premium - preference 92,100
Preference share capital 500,000
Subscribed preference shares 140,000
Retained earnings 191,950
Subscription receivable - preference 105,000
Problem 2: What is the total shareholders' equity for Klin Corporation at December 31, 2020?
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