A. Fernando Corporation is authorized to issue 400,000 shares of P85 par value ordinary shares. Journalize the following transactions:   Feb. 10 Sold 75,000 shares of ordinary shares at P86 per share; received cash 27 Issued 21,500 shares of ordinary shares in exchange for land with a fair market value of P920,000 and a building with a fair market value of P1,087,500. Mar. 3 Sold 28,000 shares of ordinary shares at P86.50 per share; received cash

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A: Journal entry refers to recording/classifying business transactions into books of accounts…

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

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Empresas La Sierra presents the following information: • On January 5, the company issues 25,000…

A: Journal: It refers to an account which shows all the financial transactions pertaining to a…

Q: The company issued for P1,200,000 cash, 4,000 shares of P200 par value Preference share and 1,000…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1…

A:

Q: Based on the preceding information, determine the correct balance of each of the following accounts.

A: The ordinary share capital would be credited to the extent of par value of shares issued by company.…

Q: During the year, BFAR Corp. completed the following transactions related to its treasury shares:…

A: Share premium includes the amount which is computed if the shares are purchased or sold at the…

Q: At the beginning of the current year, Relay Company was organized and authorized to issue 100,000…

A: Shareholders equity is the amount that the owner has invested in the business including retained…

Q: 4. At the beginning of current years, Erza Company was organized with authorized capital of 100,000…

A: Share premium is the amount that arises on issuing shares at a price above the par value. The par…

Q: Journal entries? Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: The Rogers Company is authorized to issue 50 000 ordinary shares of P30 par value. Record the…

A: Journal entries are the entry of financial transactions in the books of accounts to initialize the…

Q: The following selected transactions pertain to Ehrlich Corporation: Jan.     3     Issued 90,000…

A: The journal entries are prepared to record the transactions on regular basis. The shares can be…

Q: The securities owned by Miratloces Company were held as a long-term investment. During the current…

A: S.No Particulars Amount in Dr. Amount in Cr. 1-Jan     Investment in ABC company A/c    To Bank…

Q: 1. Record, in journal entry form, the following transactions, assuming the company plans on holding…

A: Investment in trading securities carries a debit balance, so debiting it further increases the…

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

A: Journal entries: Date Account journal Debit $ Credit $ Jan 31 Cash 1,632,000     Common stock…

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

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: The following selected transactions occurred for Corner Corporation:   Feb. 1   Purchased 420…

A: Journal entries represent the starting point in the accounting cycle, they are used to record every…

Q: On June 23, 200C, Pinoy Trading owned and operated by Phil was incorporated. On this date, the…

A: Shareholders equity is one of the important element of balance sheet of the business. It means total…

Q: Lancer, Inc received building with fair value of $400,000 in exchange for 30,000 shares of its $3.00…

A: The asset shall be recorded at fair value of the asset itself or fair value of the shares, whichever…

Q: During its first year of operations, Eastem Data Links Corporation entered into the following…

A: Issuance of shares, non-cash consideration: Shares can be sold for cash or can be issued for…

Q: Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at…

A: Total amount paid = (No. of shares x Price per share) + Brokerage fee = (6,000 shares  x $22 per…

Q: (a) A corporation issues 8,000 shares of its $1 par value common stock to provide funds for further…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Problem1: The Ianey Corporation is authorized to issue 120,000 shares of P 220 par value ordinary…

A: Company means the form of business where management is separately from owner and have perpetual…

Q: On June 23, 200C, Pinoy Trading owned and operated by Phil was incorporated. On this date, the…

A: As stated in the query Phil's Pinoy Trading, which he owns and operates, was incorporated on June…

Q: Nasser Inc. had the following transactions pertaining to stock investments.   Jan. 1 Purchased…

A: Journal Entry refers to the first step in the accounting cycle. It is used to record all the…

Q: MH Corp. was organized on January 1, 20X7. The firm was authorized to issue 100,000 shares of $5 par…

A: Stockholder's Equity -  It is the amounts in a business after settled of all liabilities of the…

Q: on the preference shares. The net income for the current 1. What amount should be reported as basic…

A: Earning Per Share: Earning per share ratio is calculated by an organization to know the earning per…

Q: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: Whenever a company issues common stock, then common stock is credited and cash is debited. If common…

Q: King Corporation began operations in January, year 1. The charter authorized the following share…

A: Journal entry is the procedure for initially documenting commercial transactions in the books of…

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A: There are mainly two types of dividends : Cash dividend and Stock dividend. In cash dividend,…

Q: ABC Corporation issues 5,000 ordinary shares with a $50 par value for cash at $55 per share. The…

A: At the time of issue of shares, any amount received over and above par value of shares is known as…

Q: At the beginning of the current year, BFAR Corp. was authorized to issue 100,000 shares with P50 par…

A: The retained earnings increases with revenue and decreases with losses during the period. The…

Q: Gotham Inc. issued 10,000 shares of its $2 par value common stock for $25 per share. The journal…

A: Cash (10,000 x $25) 250,000     Common Stock (10,000 x $2)   20,000   Additional Paid-in Capital…

Q: BFAR Corporation has the following transactions during the year: Authorized Ordinary share capital…

A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after…

Q: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: The organization can raise fund for the operation song integrity by issuing common stock, preferred…

Q: During the incorporation of J Inc., it issued 1,000 shares at Php205/share, par value is at…

A: Journal Entry :— It is an act of recording transaction in books of account when it is occurred.…

Q: On April 2 a corporation purchased for cash 6,000 shares of its own $13 par common stock at $27 a…

A: Treasury stock are the shares bought back by the company and are shown as deduction from the…

Q: A corporation sold 9,500 shares of its $10 par value common stock at a cash price of $11 per share.…

A: >Issuance of common stock is one of the Financing activity from which the corporation gets Cash…