Reference no: EM133185566
Question - ABC Company was organized on January 1, 2022 with 100,000 authorized shares of P100 par value.
January 15 -Sold 30,000 shares at P150 per share.
February 14 -Issued 2,000 shares for legal services with a fair value of P300,000. The shares on this date are quoted at P160 per share.
March 27 -Purchased 5,000 treasury shares at a cost of P12 per share.
October 31 -Issued P4,000,000 convertible bonds at 110. The bonds are quoted at 97 without the conversion feature.
November 5 -Declared a 2-for-1 share split when the market value of the share was P160.
December 17 -Sold 10,000 shares at P75 per share.
Required - What total amount should be recognized as share premium on December 31, 2022?
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