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Berry Corporation has 50,000 shares of P10 par ordinary shares authorized. The following transactions took place...

Berry Corporation has 50,000 shares of P10 par ordinary shares authorized. The following transactions took place during 2020, 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 an equipment valued at P100,000. At the end of the Berry’s first year, total contributed capital amounted to?

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Answer #1

Calculate Contributed capital

Sale common Stock (5000*18) 90000
Exchange for equipment 100000
Total Contributed capital 190000
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