Question: pls help thank you Problem IS-12 Brook Company was organized at the beginning of vear. The entity provided the following transactions a shareholders' equity: l.

pls help thank you
Problem IS-12 Brook Company was organized at the beginning of vear. The entity provided the following transactions a shareholders' equity: l. The entity was authorized to issue share capital as Preference share capital, P100 par, 30,000 shares Ordinary share capital, P50 par value, 100,000 shares 2. 40.000 ordinary shares of were issued for cash at share, 3. 10,000 preference shares were issued at P 120 for 4. 10,000 preference shares were subscribed at par value 5. P400,000 was received on the above subscription preference shares. 6. 1.000 preference shares were issued in payment d legal fees of P 100,000 in connection with organizing corporation. 7. 20,000 ordinary shares were issued for property, plaz and equipment which had a fair value of P 1,300,000. 8. 15,000 ordinary shares were subscribed for at par. 9. Forty percent of the ordinary share capital subscriptin was collected. 10. The balance owing on the subscription described in 4 and 5 was collected, and the preference shares were issued 11. Acquired 5,000 ordinary shares at P40 per share. These shares are to be held as treasury. 12. Appropriated retained earnings to the extent of the of the treasury shares. 13. Closed net income of P 2,000,000 to retained earnings Required: a. Prepare journal entries to record the transactions using the memorandum method. b. Present the shareholders' equity in the statement of financial position. curr The shat 1. 2. 3. 5. 6.
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