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Find what amount should be reported for share premium

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Reference no: EM132757464

At the beginning of current year, Ashe Company was organized with authorized capital of 100,000 shares of P200 par value.

  • January 10 Issued 25,000 shares at P220 a share
  • March 25 Issued 1,000 shares for legal services when the fair value was P240 a share September 30 Issued 5,000 shares for a tract of land when the fair value was P260 a share

Problem 1. What amount should be reported as share capital? Please show solution

Problem 2. What amount should be reported for share premium?

Reference no: EM132757464

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