1. CFAS Company was incorporated on January 4, 2022. The Philippine SEC authorized the company to issue 300,000 ordinary shares, no-par, with P100 stated value and 100,000 5%- preference shares with P50 par value. During the year the entity issued 120,000 ordinary shares for a total consideration of P15,000,000 and 35,000 preference shares at P75 per share. At the latter part of the year, 15,000 preference shares were subscribed for a purchase price P80 per share which were paid for on January of the following year. Profit for the year was P3,250,000.

What amount should be reported as total contributed capital on December 31. 2022?

Answer rating: 100% (QA)

Authorised share capital of CFAS company Particulars Number of shares Price per share Total price ... View the full answer