Problem 20-2 Problem 20-2 (ACP)At the beginning of current year. Lake Company wasorganined and authorized to iisue share copital of 50.000 ahareswith par value of P100.1. Received subseriptions at par value from incorporatorséqual to 40% of the authorized share capital.2. Received a 25% downpayment on the subecriptions fromthe incorporators3. Received full payment on 10,000 shares originallysubscribed.4. Apatent was acquired by issuing 5,000 shares. The patenthad no fair value.A Received cash subecriptiona to 16,000 sharos at PI20 perahareRequired:Prepare journal entrien to record the transactions folwithe journal entry method and present the shanholders' equity-

An equity statement is a financial statement that a company needs to prepare and other important…

At the beginning of current year, Lake Company was organied and with par value of P100 1. Received subacriptions at par value from incorporatues egual to 40% of the authoriaed share capital 2 Beorived a 2ss downpayment on the subecriptions fre the incorporstors 3. Received full payment on 10,000 shares originall subscribed. 4 Apatent was acquired by isuing 5,000 shares The patet had no fair value. 3 Received cash subecriptiona to 15.000 shares at PI0 pet share authoried to iaue abare capital of 50000 hans Required: pane jourmal entries to recond the transactione th o- journal entey method and present she ahanholders

At the beginning of current year, Lake Company was organied and with par value of P100 1. Received subacriptions at par value from incorporatues egual to 40% of the authoriaed share capital 2 Beorived a 2ss downpayment on the subecriptions fre the incorporstors 3. Received full payment on 10,000 shares originall subscribed. 4 Apatent was acquired by isuing 5,000 shares The patet had no fair value. 3 Received cash subecriptiona to 15.000 shares at PI0 pet share authoried to iaue abare capital of 50000 hans Required: pane jourmal entries to recond the transactione th o- journal entey method and present she ahanholders

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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