The corporation was organized early this year. Authorization was obtained to issue 100,000 shares of P10 par value ordinary shares capital and 20,000 shares of P50 par, 10% cumulative preference share capital. 50,000 ordinary shares were issued at P15 and 30,000 shares were subscribed at P20. Additionally, 10,000 preference shares were issued at P60 and 5,000 shares were subscribed at P80. The corporation earned P1,500,000 net income for the year. How many preference shares are available for subscription as of the end of the year? Give your answer in this format X,XXX.

The corporation was organized early this year. Authorization was obtained to issue 100,000 shares of P10 par value ordinary shares capital and 20,000 shares of P50 par, 10% cumulative preference share capital. 50,000 ordinary shares were issued at P15 and 30,000 shares were subscribed at P20. Additionally, 10,000 preference shares were issued at P60 and 5,000 shares were subscribed at P80. The corporation earned P1,500,000 net income for the year. How many preference shares are available for subscription as of the end of the year? Give your answer in this format X,XXX.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 4PA: Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par...

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