How much is the legal capital of the company

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Question - The stockholders' equity of May Co. revealed the following on January 1, 2019:

Preference share, P100 par value P230,000

Paid-in Capital in Excess of Par-preference 80,000

Ordinary share, P15 par value 525,000

Paid-in Capital in Excess of Par-ordinary 275,000

subscribed Ordinary share 5,000

Retained Earnings 190,000

Notes payable 400,000

Subscription Receivable-Ordinary 40,000

Required - How much is the legal capital of the company?

Reference no: EM132632198

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