PROBLEM 2- 15 JM COBIEW A and B Partnership's statement of financial position as of December 31, 2020 reported the following: Total assets P100,000 Total liabilities AA, capital BB, capital 08 20,000...

Extracted text: PROBLEM 2- 15 JM COBIEW A and B Partnership's statement of financial position as of December 31, 2020 reported the following: Total assets P100,000 Total liabilities AA, capital BB, capital 08 20,000 00,0a 40,000 40,000 qulenohs t otat nssbA imbe o se On January 3, 2021, AA and BB dissolved their partnership and transferred all assets and liabilities to a newly-formed corporation. At the date of incorporation, the fair value of the net assets was P12,000 more than the carrying amount on the partnership's books. AA and BB were each issued 5,000 shares of the corporation's P1 par value ordinary share. 00.021 How much is the share premium upon incorporationm?