Question: Memorandum method vs. Journal entry method Horizon Co. was incorporated in 20x1. The following were the transactions: Jan. 6 Received authorization from the SEC to

Memorandum method vs. Journal entry method Horizon Co. was incorporated in 20x1. The following were the transactions: Jan. 6 Received authorization from the SEC to issue share capital of P3,000,0000 divided into 600,000 shares with par value per share of P5. Jan. 6 25% of the authorized capitalization was subscribed at par value and 25% of the total subscription was paid. Jan. 31 Received full payment for 120,000 subscribed shares and issued the related share certificates. Feb. 14 Received cash subscription for 60,000 shares at P20 per share. Share issuance costs of P12,000 were incurred. Feb. 28 Received subscription for 150,000 shares at P25 per share. Requirements: Provide the journal entries under (1) memorandum method and (2) journal entry method. b. Prepare the share capital portion of Horizon Co.'s statement of financial position as of February 28, 20x1

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