The December 31, 2020 condensed Statement of Financial Position of SUPERSTAR Entertainment Services, a sole proprietorship...
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The December 31, 2020 condensed Statement of Financial Position of SUPERSTAR Entertainment Services, a sole proprietorship of MOLLY follows: Current Assets P 2,800,000 Property, Plant and Equipment - net 2,600,000 P 5,400,000 Liabilities P 1,400,000 MOLLY, Capital 4,000,000 P 5,400,000 On January 15, 2020, SUPERSTAR Entertainment Services was incorporated with 20,000 shares of P100 par value common shares issued. Prior to incorporation, Mr. MOLLY had determined the following fair market values: Current Assets P 3,200,000 Property, Plant and Equipment 4,200,000 Liabilities 1,400,000 What amount should be credited to Share Premium upon incorporation? The December 31, 2020 condensed Statement of Financial Position of SUPERSTAR Entertainment Services, a sole proprietorship of MOLLY follows: Current Assets P 2,800,000 Property, Plant and Equipment - net 2,600,000 P 5,400,000 Liabilities P 1,400,000 MOLLY, Capital 4,000,000 P 5,400,000 On January 15, 2020, SUPERSTAR Entertainment Services was incorporated with 20,000 shares of P100 par value common shares issued. Prior to incorporation, Mr. MOLLY had determined the following fair market values: Current Assets P 3,200,000 Property, Plant and Equipment 4,200,000 Liabilities 1,400,000 What amount should be credited to Share Premium upon incorporation?
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Related Book For
Intermediate Accounting Volume 2
ISBN: 9781119497042
12th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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