The following shares were issued in ABC Co.: January 1, Year 1: Rowan Richardson incorporated ABC Co.
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Question:
The following shares were issued in ABC Co.:
- January 1, Year 1: Rowan Richardson incorporated ABC Co. and received 2,000 common shares for $2,000 from the corporate treasury.
- January 1, Year 2: Priscilla Cruz received 500 common shares in ABC Co. for $1,000 (fair market value) from the corporate treasury.
- December 31, Year 3: Casey Greer received1000 preferred shares of ABC Co. for $5,000(fair market value) from the corporate treasury.
Required:
- Calculate the paid-up capital (PUC) of the common shares and the preferred shares of ABC Co. at the end of Year 3.
- Calculate the PUC and adjusted cost base (ACB) of the shares held by Rowan, Priscilla, and Casey
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