On January 1, 2021, Melon Corporation contracted Mr. Coco to be the endorser of Melons new product.
Question:
On January 1, 2021, Melon Corporation contracted Mr. Coco to be the endorser of Melon’s new product. Melon shall issue 1,300 shares with par value per share of P1 in consideration for the services receive. All of the required services on the contract have been rendered on March 1, 2021. Information on fair values is shown below
Fair Values January 1, 2021 March 1, 2021
Modeling services 9,000 10,000
Shares P9 per share P10 per share
1. Assuming Coco is an employee of Melon Corporation Advertising expense will have a debit of?
2. Assuming Coco is an employee of Melon Corporation Share Premium is credited at?
3. Assuming Coco is not an employee of Melon Corporation Advertising expense will have a debit of?
4. Assuming Coco is not an employee of Melon Corporation Share Premium is credited at?