Exercise $5$

On December $1,20$xx the incorporators of Kilo Corporation made the following

subscription with the corresponding down payment:

All subscriptions are callable in $90$ days after subscription. On December $15,20$xx

Kilo Corporation has received its Certificate of Incorporation and it is authorized to

issue $200,000$ Ordinary Shares at P$100$ par value. Kilo Corporation began its

operation on December $17,20$xx$.$

Additional stock transactions follow:

Dec $18$ The incorporators paid their subscriptions in full.

$18$ Danilo Bautista purchased in cash $3,000$ shares.

$19$ Carlito Contaoi paid P$500,000$ for $5,000$ shares.

$20$ Annie Contaoi subscribed $10,000$ shares at P$101$ per share and paid $25\%.$

$21$ Received from Belinda Contaoi a piece of land costing P$1,000,000$ with

fair market value of $P1,100,000$ for $11,000$ shares.

$22$ Cynthia Contaoi purchased in cash $7,000$ shares at P$102$ per share.

$23$ Boy Bautista subscribed $3,000$ shares at P$103$ and paid $30\%$ down

payment.

$24$ Gladys Bautista subscribed $8,000$ shares at P$104$ and paid $50\%$ of her

subscription.

$24$ Irene Bautista subscribed $3,000$ shares at P$105$ and paid $25\%$ of her

subscription.

Required: $1.$ Prepare necessary accounting entries in the general journal book.

of the corporation $($apply memorandum entry method$).$

Prepare the general ledger book of the corporation.

Prepare the Statement of Financial Position of Kilo Corporation.