What is the amount to be credited to share premium- ordinary

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Problem

NORCEL Corporation exchanges a piece of equipment for 4,000 shares of MINER's Corporation ordinary share capital that has a P100 par value. The equipment costs NORCEL P1,200,000 when purchased two years ago, and currently has a fair value of P850,000. The equipment has a recorded accumulated depreciation of P600,000 in the books of NORCEL. Get the instant assignment help. What is the amount to be credited to Share Premium - Ordinary as the result of this transaction?

Reference no: EM133901564

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