Lightning Co. was organized on January 2, 20x1, with 50,000, P10 par value, authorized ordinary share...

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Lightning Co. was organized on January 2, 20x1, with 50,000, P10 par value, authorized ordinary share capitalization Information on transactions during the year is as follows: 25,000 shares were subscribed at P15 per share. A 50% down payment was received. Jan. 20,000 of the share subscription on Jan. 2 were fully paid and the related share certificates were issued. 28 Reported semi-annual profit of $2,000,000. Jan. 2 June 30 July 14 Reacquired 5,000 from the issued shares at P17 per share. Reissued half of the treasury shares at 120 per share. Dec. 27 What amounts of (1) ordinary share capital and (2) total share premium should Lightning Co. report on December 31, 20x12 Lightning Co. was organized on January 2, 20x1, with 50,000, P10 par value, authorized ordinary share capitalization Information on transactions during the year is as follows: 25,000 shares were subscribed at P15 per share. A 50% down payment was received. Jan. 20,000 of the share subscription on Jan. 2 were fully paid and the related share certificates were issued. 28 Reported semi-annual profit of $2,000,000. Jan. 2 June 30 July 14 Reacquired 5,000 from the issued shares at P17 per share. Reissued half of the treasury shares at 120 per share. Dec. 27 What amounts of (1) ordinary share capital and (2) total share premium should Lightning Co. report on December 31, 20x12

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