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How much is the balance of ordinary share capital account

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Reference no: EM132898752

Cosmos Corporation was organized on January 1, 2021 with authorized capital of 100,000 ordinary shares, P20 par value. During 2021, Cosmos has the following transactions affecting shareholders' equity

  • Jan. 19 Issued 30,000 shares at P23 per share.
  • Mar. 27 Issued 1,000 shares for legal service with a billing price of P25,000. Fair value was P24 per share.
  • June 21 Issued 4,000 shares for a piece of machinery when the fair value was P27 per share.

Question 1: How much is the balance of ordinary share capital account as of June 30, 2021?

Question 2: How much should be reported as ordinary share premium as of June 30, 2021?

Reference no: EM132898752

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