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What is the par value of each preferred share

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Question - The adjusted trial balance of Valiao Corp. on December 31, 2010 includes the following account balances:

Dividends Payable P40,000

Ordinary Share Capital (P5 par, 500,000 shares authorized) 750,000

Ordinary Share Capital Subscribed (5,000 subscribed) 25,000

Ordinary Share Premium 50,000

10% Preference Share Capital (25,000 shares authorized, 12,000 shares outstanding) 300,000

Preference Share Premium 30,000

Retained Earnings Appropriated for Contingencies 150,000

Retained Earnings Appropriated for Bond Retirement 100,000

Retained Earnings - Unappropriated 450,000

Ordinary Share Capital Dividends Distributable 105,000

Paid-in, Capital from Share Capital Dividend 63,000

Required -

1. What is the number of ordinary shares issued and outstanding?

2. What is the par value of each preferred share?

3. What is the market value of the share capital dividend distributable?

Reference no: EM132521029

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