Question: Kindly provide explanations. Exercise 3. Share split and Reverse Share split On June 30,2018, the capital accounts of Leviticus Company are as follows: Ordinary Share

Kindly provide explanations. Exercise 3. Share split and Reverse Share split Kindly provide explanations.

Exercise 3. Share split and Reverse Share split On June 30,2018, the capital accounts of Leviticus Company are as follows: Ordinary Share Capital, P25 par, 20,000 shares Ordinary Share Premium P500,000 100,000 Required: 1. Prepare the necessary journal entry to record each of the following independent transactions: a. The company undertakes a 5-for-1 share split. b. The company undertakes a 1-for-4 share split. 2. State the number of capital shares issued and outstanding for each independent transaction

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