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How much must be paid up upon subscription

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Question - Knicks Corporation was organized on January 1, 2018 with authorized capital of P 2,000,000, P 20 par value. Subsequently, incorporators subscribed for 25,000 shares at P 24. How much must be paid up upon subscription to comply with the requirement of the Securities and Exchange Commission? Show solution.

a. P125,000

b. P150,000

c. P500,000

d. P600,000

Reference no: EM133047557

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