Mindanaoan Resource Corporation was authorized by its charter to issue 10 000 ordinary shares at P100...

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Mindanaoan Resource Corporation was authorized by its charter to issue 10 000 ordinary shares at P100 par value per share. On January 3, 20A, four (4) incorporators have subscribed to a total of 6,000 shares and made payments. of P300,000 for their original subscriptions. The incorporators with their corresponding subscribed shares and payments were as follows: Incorporators Subscribed Shares Paul Sanico 2,000 1,500 1,000 1,500 Payments P100,000 70,000 Estela Ganas Mark Borinaga Paquito Pasia Jan. 4 - Mr. Jay Raymund Delfin, the corporate treasurer deposited to the bank, the collection from the incorporators and received a certificate of bank deposit. 5- Issued check in payment of attorney's fees., printing cost of certificates, and other incidental expenses incurred in the process of incorporation, P30,000. 8 - Richard Baligala subscribed to 350 shares at P103 per share and made a 20% down payment. 10 - Issued 500 shares to Maria Tomampos in exchange for an adjacent lot to be used as a parking space. The fair market value of the lot was P55,000 and a stock certificate was issued. 15 - Estela Ganas, one of the incorporators paid her subscription balance in full. P150,000 70,000 P 80,000 18 - Issued 300 shares for cash at P102 to Teofe Gonzales. Issued stock certificate. 20- Lord Aguilar subscribed 400 shares at P105 and made a down payment of 70%. 25 - Jennifer Era subscribed 150 shares at par value and made a down payment of 80%. 30 - Richard Baligala paid his subscription balance and issued a stock certificate. Subscription Receivable Less: Down payment Balance 1,500 shares at par Less: Subscription payment Balance P36,050 7,210 P28,840 50,000 80,000 Required: 1. Record the foregoing transactions including authorization, subscription, and collections by using the memorandum and the journal entry methods. 2. Prepare shareholders' equity under each method. Mindanaoan Resource Corporation was authorized by its charter to issue 10 000 ordinary shares at P100 par value per share. On January 3, 20A, four (4) incorporators have subscribed to a total of 6,000 shares and made payments. of P300,000 for their original subscriptions. The incorporators with their corresponding subscribed shares and payments were as follows: Incorporators Subscribed Shares Paul Sanico 2,000 1,500 1,000 1,500 Payments P100,000 70,000 Estela Ganas Mark Borinaga Paquito Pasia Jan. 4 - Mr. Jay Raymund Delfin, the corporate treasurer deposited to the bank, the collection from the incorporators and received a certificate of bank deposit. 5- Issued check in payment of attorney's fees., printing cost of certificates, and other incidental expenses incurred in the process of incorporation, P30,000. 8 - Richard Baligala subscribed to 350 shares at P103 per share and made a 20% down payment. 10 - Issued 500 shares to Maria Tomampos in exchange for an adjacent lot to be used as a parking space. The fair market value of the lot was P55,000 and a stock certificate was issued. 15 - Estela Ganas, one of the incorporators paid her subscription balance in full. P150,000 70,000 P 80,000 18 - Issued 300 shares for cash at P102 to Teofe Gonzales. Issued stock certificate. 20- Lord Aguilar subscribed 400 shares at P105 and made a down payment of 70%. 25 - Jennifer Era subscribed 150 shares at par value and made a down payment of 80%. 30 - Richard Baligala paid his subscription balance and issued a stock certificate. Subscription Receivable Less: Down payment Balance 1,500 shares at par Less: Subscription payment Balance P36,050 7,210 P28,840 50,000 80,000 Required: 1. Record the foregoing transactions including authorization, subscription, and collections by using the memorandum and the journal entry methods. 2. Prepare shareholders' equity under each method.

Answer rating: 100% (QA)

Record of transactions using the memorandum and the journal entry methods Memorandum method DateParticularsDebitCredit Jan 3Cash300000Subscription Receivable300000To record the collection from the inc... View the full answer