Reference no: EM133032392
Question - Negros Company was incorporated on January 1, 2008 with the following authorized capitalization:
Ordinary share capital, 200,000 shares, no par, P100 stated value 20,000,000
Preference share capital, 200,000 shares, 10% fixed rate, P50 par value 10,000,000
During 2008, Negros issued 150,000 ordinary shares for a total of P18,000,000 and 50,000 preference shares at P60 per share.
In addition, on December 15, 2008, subscriptions for 20,000 preference shares were taken at a purchase price of P100. These subscribe shares were paid for on January 15, 2009.
Net income for 2008 was P5,000,000.
Required - What should Negros report as total contributed capital on December 31, 2008?
a. 28.000,000
b. 21,000,000
c. 23,000,000
d. 26,000,000
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