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What amount should Ashe report for Share Premium on Dec

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Question - Ashe Company was organized on January 1, 2019, with authorized capital of 100,000 shares of P210 par value. During 2019, Ashe had the following transactions affecting shareholders' equity: January 10 - Issued 25,000 shares at P225 a share

March 25 - Issued 1,000 shares for legal services when the fair value was P230 a share. The fair value of the services received was P245,000.

Sept. 30 - Issued 5,000 shares for a tract of land when the fair value was P260 a share. The fair value of the land was P1,250,000. Ashe paid transaction cost of P35,000.

Required - What amount should Ashe report for Share Premium on Dec. 31, 2019?

A. 575000 B. 655000 C. 610000 D. 605000

Reference no: EM133030327

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