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How much is the legal capital

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Reference no: EM132789359

WILLU Corporation was incorporated on January 1, 2020 with the following authorized capitalization: (a) 40,000 ordinary shares, no par value, stated value ?40 per share (b) 10,000 shares of 5% cumulative preference share, par value ?10 per share. During 2020, Violet issued 24,000 ordinary shares for a total consideration of ?1,200,000 and 6,000 preference share at ?16 per share. In addition, on December 19, 2020, subscriptions for 2,000 preference shares were taken at a purchase price of ?17. These subscribed shares were paid for on January 2, 2021.

Problem 1: How much is the legal capital?

Problem 2: What should WILLU report as total contributed capital in its December 31, 2020 statement of financial position?

Problem 3: How much share premium is to be reported for the year ended, December 31, 2020?

Reference no: EM132789359

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