At the beginning ofcurrent year, Juan Company was organized with100,000 authorized shares of P100 par value. The following transactionsoccurred during the year:January 15 Sold 30,000 shares at PI50 per shareFebruary 14 Issued 2,000 shares for legal services with a fair valueof P250,000. The shares on this date are quoted at P140per share27 Purchased 5,000 treasury shares at a cost of P120 perMarchshareOctober 31 Issued P5,000,000 convertible bonds at 120. The bondsare quoted at 98 without the conversion feature.November 5 Declared a 2-for-1 share split when the market value ofthe share was Pl160.December 15 Sold 20,000 shares at P75 per share.December 31 Net income for the year was P2,000,000.What is the total shareholders' equity at year-end?

Share capital These are the shares issued by a company to an outsider. These shares entitle a share…

At the beginning of current year, Juan Company was organized with 100,000 authorized shares of P100 par value. The following transactions occurred during the year: January 15 Sold 30,000 shares at P1S0 per share February 14 Issued 2,000 shares for legal services with a fair value of P250,000. The shares on this date are quoted at P140 per share 27 Purchased 5,000 treasury shares at a cost of P120 per share March October 31 Issued P5,000,000 convertible bonds at 120. The bonds are quoted at 98 without the conversion feature. November S Declared a 2-for-1 share split when the market value of the share was PI60. December 15 Sold 20,000 shares at P75 per share. December 31 Net income for the year was P2,000,000. What is the total shareholders' equity at year-end?

At the beginning of current year, Juan Company was organized with 100,000 authorized shares of P100 par value. The following transactions occurred during the year: January 15 Sold 30,000 shares at P1S0 per share February 14 Issued 2,000 shares for legal services with a fair value of P250,000. The shares on this date are quoted at P140 per share 27 Purchased 5,000 treasury shares at a cost of P120 per share March October 31 Issued P5,000,000 convertible bonds at 120. The bonds are quoted at 98 without the conversion feature. November S Declared a 2-for-1 share split when the market value of the share was PI60. December 15 Sold 20,000 shares at P75 per share. December 31 Net income for the year was P2,000,000. What is the total shareholders' equity at year-end?

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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