1.Good Guys Corporation is authorised to issue 1,000,000 shares of 5 par value common stock. In its...

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1.Good Guys Corporation is authorised to issue 1,000,000 shares of ₱5 par value common stock. In its first year, the company has the following stock transactions.
Jan 10Issued 400,000 at ₱8 per share.
Jul 1Issued 100,000 shares of stock for land. The land had an asking price of ₱900,000. The stock is currently selling on a national exchange at ₱8.25 per share.
Sept 1Purchased 100,000 shares of common stock for the treasury at ₱9 per share.
Dec. 1Sold 400,000 shares of the treasury stock at ₱10 per share.

Instructions:
a.Journalise the transactions.
b.Prepare the stockholders’ equity section assuming the company had retained earnings of ₱200,000 on December 31.

Posted Date: Dec 10, 2021 09:48 PM

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1.Good Guys Corporation is authorised to issue 1,000,000 shares of 5 par value common stock. In its...

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A B C E 1 2 Date Accounts title and explanation Debit Credit Cash 400000 x P8 Common stock Paid ... View the full answer

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