During 2020, the company issued 150,000 shares of ordinary shares for a total of P18,000,000 and 50,000shares of preference shares at P60 per share. In addition, on December 15, 2020 subscription for 20,000 of preference shares were taken at a purchase price of P100. These subscribed shares were paid on January 2, 2021.Profit for 2020 was P5,000,000. What would the company report as total contributed capital on its December 31,2020 statement of financial position?

Answer rating: 100% (QA)

To calculate the total contributed capital on the December 31 2020 statement of financial position w... View the full answer