3. ABC Corporation is authorized to issue 80,000 ordinary shares. During the current year, the corporation issued 25,000 shares. Required: Prepare the required entry to record the issuance of the ordinary shares under each of the following assumptions: a. The shares have a par value of P5 and were sold for P20 per share b. The shares are no-par but have a stated value of P10. The total issue price was P850,000. c. The shares are no-par and have no stated value. They were issued at P25 per share

3. ABC Corporation is authorized to issue 80,000 ordinary shares. During the current year, the corporation issued 25,000 shares. Required: Prepare the required entry to record the issuance of the ordinary shares under each of the following assumptions: a. The shares have a par value of P5 and were sold for P20 per share b. The shares are no-par but have a stated value of P10. The total issue price was P850,000. c. The shares are no-par and have no stated value. They were issued at P25 per share

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 9EA: St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and...

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