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What should be the balance of the ordinary share capital

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Reference no: EM132834984

Question - Corporation: Formation and Share Capital Transactions Supply the required information.

A. During its first year of operations Gambas Corporation had the following transactions relating to its ordinary shares:

Issued 80,000 shares for cash at 60 per share

Issued 500 shares to lawyers in payment of a bill for 35,000 for services rendered in helping the company to register the corporation

Issued 30,000 shares for cash at 68 per share

Issued 10,000 shares for cash at 75 per share

1. If the par value of the share is 50, what should be the balance of the Ordinary Share Capital?

2. If the par value of the share is 60, what should be the balance of the Share Premium-Ordinary Share?

3. If the share capital has no par value and no stated value, what should be the balance of the Ordinary Share Capital?

Reference no: EM132834984

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