The financial position of Pipay Corporation showed the following information as of March 31, 2019, the year the corporation was authorized to issue 500,000 shares.

 

REQUIRED:

a.            how many is Unissued shares?

b.            how about shares available for sale or subscription

c.             Record receipt of cash from 4 incorporators who subscribed at par with a 20% down payment

d.            Record receipt of properties acquired for share issued at a premium

e.            Record additional receipt of cash from incorporation

Transcribed Image Text:

Paid-in capital Share capital, P10 120000 Cash 500,000 par 1,200,000 shares 100000 Properties 1,560,000 Subscribed 1,000,000 shares Subscription receivable 500,000 Paid in excess of par 360,000 2,560,000 2,560,000 Paid-in capital Share capital, P10 120000 Cash 500,000 par 1,200,000 shares 100000 Properties 1,560,000 Subscribed 1,000,000 shares Subscription receivable 500,000 Paid in excess of par 360,000 2,560,000 2,560,000

Answer rating: 100% (QA)

Part A Given Authorized capital 500000shares Paid in capital Share capital par p 10 P1200000 Subscri... View the full answer