Assumed the following issuances of a P100 par value shares of stock: a. Issuance of 3000...

Transcribed Image Text:

Assumed the following issuances of a P100 par value shares of stock: a. Issuance of 3000 shares at par for cash. b. Issuance of 5000 shares at P110 per share for cash. Stock issue costs that were paid by the corporation amounted to 60,000. c. Issuance of 4,000 shares at Poo per share for cash. d. Issued 2,500 shares of stock for machinery. The machinery has a fair value of P280000 while the stock is selling at P105 per share. e. Issued 1000 shares of stock for patent. The stock is selling at P105 per share. f. Issued 500 shares of stock in full payment of organization services rendered from the legal counsel. The fair value of such services is P60000. Requirement: Prepare the journal entries 2. The company issued the following shares of stock: a. Issued 5000, P200 par value preference share, for P220 per share for cash. b. Issued 1000, P100 par value ordinary share, for P120 per share for cash. Prepare the journal entries Requirement: 3. The company issued for 1000000 cash, 1000 shares of P200 par value Preference share and 2000 shares of P100 ordinary share. The preference and ordinary shares have fair values of P240 and P180 per share, respectively on the date of sale. Prepare the journal entry. 4. The company issued for 1000000 cash, 1000 shares of P200 par value Preference share and 2000 shares of P100 ordinary share. The preference share has a fair value of P240 on the date of sale. No fair value is available for the ordinary share. Prepare the journal entry. Assumed the following issuances of a P100 par value shares of stock: a. Issuance of 3000 shares at par for cash. b. Issuance of 5000 shares at P110 per share for cash. Stock issue costs that were paid by the corporation amounted to 60,000. c. Issuance of 4,000 shares at Poo per share for cash. d. Issued 2,500 shares of stock for machinery. The machinery has a fair value of P280000 while the stock is selling at P105 per share. e. Issued 1000 shares of stock for patent. The stock is selling at P105 per share. f. Issued 500 shares of stock in full payment of organization services rendered from the legal counsel. The fair value of such services is P60000. Requirement: Prepare the journal entries 2. The company issued the following shares of stock: a. Issued 5000, P200 par value preference share, for P220 per share for cash. b. Issued 1000, P100 par value ordinary share, for P120 per share for cash. Prepare the journal entries Requirement: 3. The company issued for 1000000 cash, 1000 shares of P200 par value Preference share and 2000 shares of P100 ordinary share. The preference and ordinary shares have fair values of P240 and P180 per share, respectively on the date of sale. Prepare the journal entry. 4. The company issued for 1000000 cash, 1000 shares of P200 par value Preference share and 2000 shares of P100 ordinary share. The preference share has a fair value of P240 on the date of sale. No fair value is available for the ordinary share. Prepare the journal entry.

Answer rating: 100% (QA)

1 a Cash 100000 Common Stock 100000 b Cash 550000 Common ... View the full answer