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What amount should beautiful report for ordinary shares

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Question - Beautiful Corp. was organized on January 1, 2022, with authorized capital of 100.000 shares of P20 par value ordinary stock. During 2022. Beautiful had the following transactions affecting stockholders' equity:

Jan, 10 Issued 25,000 shares at P22 per share.

Mar. 25 Issued 1,000 shares for legal services billed at P75,000. The fair market value was P23 a share on this date.

Sept. 30 Issued 5,000 shares for a tract of land whose fair market value cannot be determined. The fair market value was P25 a share on this date.

Required -

1. On December 31, 2022. What amount should Beautiful report for ordinary shares?

2. What amount should Beautiful report for store premium?

3. How many shares are outstanding?

Reference no: EM133139294

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