CARNE issued 60,000 shares of P100 stated value in exchange for land and factory building with total fair value of P9 million pesos. The value of land is thrice as much as the value of the building. What would be the entry of CARNE to record the transaction? 

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On September 1, BRAZZIL issued 6,000 shares with par value of P50 par ordinary shares to Atty. Warl for 200 hours of legal consultation. Based on the website of Atty. Warl, the rate of his service is usually P2,000 per hour. On the website of Philippine Stock Exchange (PSE), the shares are quoted at P60 per share on that date of issuance. What journal entry should BRAZZIL record on its books related to the issuance?

Answer rating: 100% (QA)

CARNEs Journal Entry Account Title Debit P Credit P Land 6750000 Building 2250000 Common S... View the full answer