Pisces Corporation was incorporated last August 1, 2021. It was authorized to issue 50,000 ordinary shares...

 

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Pisces Corporation was incorporated last August 1, 2021. It was authorized to issue 50,000 ordinary shares with a par value of P40 per share. As of December 31, 2021, 45% of the authorized shares were issued at P50 per share. Another 30% of the authorized shares were subscribed at par, to which the entire amount remains unpaid at year-end. The balance of the authorized shares remains unissued and unsubscribed. How many shares were unissued and unsubscribed as of December 31, 2021? Compute for legal capital, assuming ordinary shares are par value shares. Compute for legal capital, assuming ordinary shares are no-par value shares. The following balances were taken from the books of Aquarius Corporation as of December 31, year-end: Ordinary Share Capital (10,000 shares issued) Subscribed Ordinary Share Capital (5,000 shares) P 850,000 Share Premium - Ordinary Subscriptions Receivable - Ordinary Preference Share Capital (8,000 shares issued) Subscribed Preference Share Capital (2,200 shares) Share Premium - Preference Subscriptions Receivable - Preference 425,000 186,750 205,450 840,000 231,000 87,500 106,450 Pisces Corporation was incorporated last August 1, 2021. It was authorized to issue 50,000 ordinary shares with a par value of P40 per share. As of December 31, 2021, 45% of the authorized shares were issued at P50 per share. Another 30% of the authorized shares were subscribed at par, to which the entire amount remains unpaid at year-end. The balance of the authorized shares remains unissued and unsubscribed. How many shares were unissued and unsubscribed as of December 31, 2021? Compute for legal capital, assuming ordinary shares are par value shares. Compute for legal capital, assuming ordinary shares are no-par value shares. The following balances were taken from the books of Aquarius Corporation as of December 31, year-end: Ordinary Share Capital (10,000 shares issued) Subscribed Ordinary Share Capital (5,000 shares) P 850,000 Share Premium - Ordinary Subscriptions Receivable - Ordinary Preference Share Capital (8,000 shares issued) Subscribed Preference Share Capital (2,200 shares) Share Premium - Preference Subscriptions Receivable - Preference 425,000 186,750 205,450 840,000 231,000 87,500 106,450

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For Pisces Corporation Calculation of Issued Shares Authorized Shares 50000 Issued Shares 45 of 50000 22500 Calculation of Subscribed Shares Authorize... View the full answer