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Corporation 430 STRAIGHT PROBLEMS Problem 1: Shareholders' Equity Irish Corp. provided the following information on December 31, 20x2 Equipment Share premium from treasury share 10,000 Share premium original issuance 5,000 Accounts Payable 30,000 Subscription receivable 15,000 Ordinary share 2,000 Treasury share - ordinary 500,000 Subscribed ordinary share 10,000 Retained earnings appropriated 15,000 Revaluation surplus 250,000 Retained earnings unappropriated 100,000 150,000 Required: How much is the total shareholders' equity? Problem 2: Issuance of Shares and Subscription Reyes Corp. has been authorized to issue 100,000 preference share at P100 par value and 200,000 ordinary share at P80 stated value. The following shareholders' equity transactions during 20x1 follows: a. Issued 10,000 shares for cash of P120 per share. b. Issued 25,000 ordinary share for land with fair value of P2,200,000, the fair value of share is P85 per share. C. 15,000 preference shares were subscribed at P1 15 per share. d. Collected P1,500,000 for preference share subscription. 50,000 ordinary shares were subscribed for P4,500,000. e . Collected 40% of ordinary share subscription Collected the balance on the preference share subscription and issued g. stock certificates. h. Issued 30,000 ordinary shares for settlement of an outstanding bank loan of P 3,000,000, including accrued interest of P 20,000. On this date, shares are quoted at P120 per share. i. Net income for the year 1,200,000 Required: Prepare the journal entries under A. Memorandum method B. Journal Entry method CS Scanned with CamScannerproblem 5: Retirement of Shares racapinlac Corporation has the following accounts in its shareholders equal Cremation 432 on February 1, 20x1: Ordinary shares, P100 par, 100,000 shares issued and outstanding Share premium Retained earnings 10,000,000 2,000,000 The entity acquired and retired 5,000 shares. 3,000,000 Required: Prepare the journal entry: Case 1: The entity retired the shares at P80 per shares Case 2: The entity retired the shares at P150 per share Problem 6: Treasury Shares Valientes Corporation reported the shareholders. Equity at the beginning of the year 20x1: Ordinary share, P10 par, outstanding 225,000 shares Share Premium 2,250,000 1,500,000 Retained Earnings 2,000,000 During the year, the entity had the following treasury shares transactions: Acquired 10,000 treasury shares for P500,000. Sold 5,000 treasury shares at P60 per share - Sold 2,000 treasury shares at P45 per share. Required: a. Prepare the journal entries b. Prepare the shareholders' equity at the end of the year Problem 7: Donated Capital On December 1, 20x1, Buscaino Corp. received the following donations: a. Received 20,000 ordinary shares with P100 par value from Mr. A, shareholders of the entity. On December 5, 20x1, the donated shares were subsequently sold for P2,400,000. b. Received land from Mr. B, the cost of the land is P1,000,000 while its fair value amounted to P1,250,000. Required: Prepare the journal entries CS Scanned with CamScannerA Closer Look on Fundamentals Accounting 431 Problem 3: Issuance of shares, Subscription Defaults and Treasury shares on January 5, 20x1, Gallardo Corp was organized and authorized to issu 100,000 ordinary share with P100 par value. The following are the transactione relating to shareholders equity during year 20x1: a. Issued 5,000 shares for P600,000 cash. b. Issued 10,000 shares for land with fair value of P1,200,000. c. Share issuance cost of P5,000 was paid. d. Received 20,000 shares subscription from Mr. A for P120 per share. . Collected P1,000,000 cash from Mr. A as payment for his subscription. f. Mr. A defaulted on the remaining balance of subscription and the entity declared the shares as delinquent g. The entity subsequently offered the delinquent shares for auction. The entity incurred and paid P20,000 auction expenses which is chargeable to the highest bidder. h. There are two bidders: Mr. X, who is willing to pay the offer price for P10,000 shares and Mr. Z, who is willing to pay the offer price for 9,800 shares. The entity issues the delinquent shares. i. Issued 3,000 shares for equipment with fair value of P310,000 with cost of P320,000 and paid share issuance cost of P1,000. k. The net income for the year amounted to P1,600,000. 400 shares were reacquired for P30,000. m. The entity reissue the 300 treasury shares for P120 per share. n. The entity retired the remaining 100 treasury shares. Required: Prepare the journal entries and present the shareholders' equity Problem 4: Legal and Contributed Capital February 1, 20x1: Aquinde Corporation has the following accounts in its shareholders equity on Preference share, P100 par Ordinary share, P50 par Subscribed preference share 2,500,000 Subscription receivable - preference 5,500,000 Subscribed ordinary share 1,500,000 Subscription receivable - ordinary 800,000 Share premium - preference 2,000,000 Share premium - ordinary 600,000 Retained earnings 200,000 Treasury share 5,000 ordinary share at cost 400,000 2,000,000 Required: Compute the following a. Contributed capital 400,000 b. Legal capital with CamScanner "S Total shareholders' equity