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Homework answers / question archive / CC Corporation has 50,000 shares of P10 par ordinary shares authorized

CC Corporation has 50,000 shares of P10 par ordinary shares authorized

Finance

CC Corporation has 50,000 shares of P10 par ordinary shares authorized. The following transactions took place during 2019, the first year of the corporation's existence: Sold 5,000 ordinary shares for P18 per share. Issued 5,000 ordinary shares in exchange for a patent valued at P100,000. At the end of the CC's first year, total contributed capital amounted to?

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Computation of Total Contributed Capital Amount at the end of the CC's first year:

 

Amount 

Number of Shares Issued

5,000

Price per share

18

Cash Received

90,000

Add: Exchanged against patent

100,000

Total Contributed Capital

190,000

 

So, Total Contributed Capital Amount at the end of the CC's first year is 190,000.

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