Please answer and show the solution. Thank you! 30. During its first year of operations, Victory, Inc. entered into the following transactions relating toshareholders' equity. Victory's articies 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 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. 29. The Corazon Corporation is authorized to issue 100,000 shares at P20 par ordinary shares. At thebeginning of 2020, 18.000 ordinary shares were issued and outstanding. These shares had been issuedat P27 per share. During 2020, the company entered into the following transactions:January 4March 19Issued 1,300 ordinary shares at P28 per share.Exchanged 12.000 ordinary shares for a machine. The ordinary share was selling at P30per share.Reacquired ordinary shares at P29 per share.Accepted subscriptions for 1,000 ordinary shares at P31 per share. The contract calledfor 10% down payment with the balance due on December 1.May 9July 19September 4 Sold 500 of treasury shares at P32 per share.December 1 Collected the balance due on July 19 subscriptions and issued the stock certificate.How much is the total contributed capital for December 31, 2020?

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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, PI0 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, PI0 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.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 5MC

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“The N” Corporation is authorized to issue 100,000 ordinary shares, P17 par value. At the beginning of 2019, 18,000 ordinary shares were issued and outstanding. These shares had been issued at P24. During 2019, the company entered into the following transactions: Jan. 16 Issued 1,300 ordinary shares at P25 per share Mar. 21 Exchanged 12,000 ordinary shares for a building. The ordinary shares were selling at P27 per share. The building had a carrying amount of P412,000. Jul. 1 Accepted subscriptions to 1,000 ordinary shares at P28 per share. The contract called for 10% down payment with the balance due on December 1. Sept. 20 Sold 500 treasury shares with cost of P26 per share at P29 per share. Dec. 1 Collected the balance due on July 1 subscriptions and issued the shares. Compute for the total contributed capital for December 31, 2019.
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