On June 1, Axie Corporation issued 8,000 shares of its P100 par ordinary share capital to BEAST for a building. The shares were actively traded in the stock exchange at P150 per share. The BEAST's last property tax bill, the land had an assessed value of P1,640,000. What is the increase in the share premium account of Axie Company as a result of the foregoing issuance of shares?

On June 1, Axie Corporation issued 8,000 shares of its P100 par ordinary share capital to BEAST for a building. The shares were actively traded in the stock exchange at P150 per share. The BEAST's last property tax bill, the land had an assessed value of P1,640,000. What is the increase in the share premium account of Axie Company as a result of the foregoing issuance of shares?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 1MC

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