kindly answer with corresponding solutions in good accounting form, thank you! 30. During its first year of operations, Victory, Inc. entered into the following transactions relating toshareholders' equity. Victory's articles of incorporation authorized the issue of 240,000 ordinary shares,P10 par per share, and 30,000 preference shares, P50 par per share.> March 14- Sold 50,000 ordinary shares for P100 per share.> March 15- Isued 20,000 ordinary shares to lawyers in exchange for legal services amounting to P300,000.> March 15-Sold 35,000 of its ordinary shares and 10,000 preference shares for P6,000,000. Fair valueof the ordinary share is P100.> November 20 - Issued 1,900 of its ordinary shares in exchange for equipment for which the cashprice was known to be P185,000.Based on the preceding information, determine the total shareholders' equity.

Authorised Ordinary share capital: 240,000 shares, P10 par per share Authorised preference share…

30. During its first year of operations, Victory, Inc. entered into the following transactions relating to shareholders' equity. Victory's articles of incorporation authorized the issue of 240,000 ordinary shares, P10 par per share, and 30,000 preference shares, P50 par per share. > March 14-Sold 50,000 ordinary shares for P100 per share. > March 15- Issued 20,000 ordinary shares to lawyers in exchange for legal services amounting to P 300,000. > March 15-Sold 35,000 of its ordinary shares and 10,000 preference shares for P6,000,000. Fair value of the ordinary share is P100. > November 20 - Issued 1,900 of its ordinary shares in exchange for equipment for which the cash price was known to be P185,000. Based on the preceding information, determine the total shareholders' equity.

30. During its first year of operations, Victory, Inc. entered into the following transactions relating to shareholders' equity. Victory's articles of incorporation authorized the issue of 240,000 ordinary shares, P10 par per share, and 30,000 preference shares, P50 par per share. > March 14-Sold 50,000 ordinary shares for P100 per share. > March 15- Issued 20,000 ordinary shares to lawyers in exchange for legal services amounting to P 300,000. > March 15-Sold 35,000 of its ordinary shares and 10,000 preference shares for P6,000,000. Fair value of the ordinary share is P100. > November 20 - Issued 1,900 of its ordinary shares in exchange for equipment for which the cash price was known to be P185,000. Based on the preceding information, determine the total shareholders' equity.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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