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

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

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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Nasser Inc. had the following transactions pertaining to stock investments. Jan. 1 Purchased 3,500 shares of Eshaq Corporation common stock (5%) for $212,625 cash, plus brokerage fees of $875. July 1 Received cash dividends of $4 per share on Eshaq common stock. Nov. 1 Sold 500 shares of Eshaq common stock for $32,100, less brokerage fees of $100. Dec. 1 Received cash dividends of $4 per share on Eshaq common stock. Instructions Journalize the transactions.
On May 3, Zirbal Corporation purchased 4,500 shares of its own stock for $31,500 cash. On November 4, Zirbal reissued 1,350 shares of this treasury stock for $10,800. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. View transaction list Journal entry worksheet
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