aun Seu AUrdu llowing transactions -Issued 50,000 shares at P30 per share, received cash • Issued 750 shares, selling at P35 per share, to lawyers for services in connection with the organization of the corporation, The value of legal services was P30,000. • Issued 1,000 shares, valued objectively at P40,000, to the employees instead of paying them cash wages • Issued 50,000 shares in exchange for a building valued at P885,000 and land valued at P240,000 (The building was originally acquired by the investor for P750,000 and has P300,000 of accumulated depreciation; the land was originally acquired for P90,000) • Received cash for 19,500 shares issued at P38 per share. • Reissued 5,000 shares for P50 per share from the reacquired 12,000 shares at P45 per share using cost method. The statement of financial position will report share premium of. The number of ordinary shares issued and outstanding at the end of the year should be

aun Seu AUrdu llowing transactions -Issued 50,000 shares at P30 per share, received cash • Issued 750 shares, selling at P35 per share, to lawyers for services in connection with the organization of the corporation, The value of legal services was P30,000. • Issued 1,000 shares, valued objectively at P40,000, to the employees instead of paying them cash wages • Issued 50,000 shares in exchange for a building valued at P885,000 and land valued at P240,000 (The building was originally acquired by the investor for P750,000 and has P300,000 of accumulated depreciation; the land was originally acquired for P90,000) • Received cash for 19,500 shares issued at P38 per share. • Reissued 5,000 shares for P50 per share from the reacquired 12,000 shares at P45 per share using cost method. The statement of financial position will report share premium of. The number of ordinary shares issued and outstanding at the end of the year should be

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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Rogrer Company received a machine with a fair value of $130,000 and a building with a fair value of $200,000 in exchange for 6,000 shares of $45 par value common stock and $50,000 cash. The entry to record this transaction would include: Select one: a. Credit to Common Stock for $280,000 b. Credit to Additional Paid in Capital for $10,000 c. Credit to Retained earnings for $10,000 d. Credit to Additional Paid in Capital for $280,000
Quan Corp. manufactures construction equipment. Feb. 2 Purchased for cash 5,000 shares of Celeste Inc.’s common stock for $20 per share plus a $100 brokerage commission. Celeste Inc. has 87,000 shares of common stock outstanding. Mar. 6 Received dividends of $0.45 per share on Celeste Inc. stock. June 7 Purchased 2,000 shares of Celeste Inc. stock for $27 per share plus a $130 brokerage commission. July 26 Sold 5,900 shares of Celeste Inc. stock for $35 per share less a $110 brokerage commission. Quan assumes that the first investments purchased are the first investments sold. Sept. 25 Received dividends of $0.45 per share on Celeste Inc. stock. Dec. 31 At the end of the accounting period, the fair value of the remaining 1,100 shares of Celeste Inc. stock was $31,677. Required: Journalize the entries to record the above selected equity investment transactions completed by Quan during a recent year using the fair value…
Sudoku Company issues 30,000 shares of $6 par value common stock in exchange for land and a building. The land is valued at $235,000 and the building at $376,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet < A Record the issue of 30,000 shares of $6 par value common stock in exchange for land valued at $235,000 and a building valued at $376,000. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit
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The following transactions related to Almas Co. Ltd.1. The Company offered 50,000 shares of Rs. 10 each at Rs. 14. The Companyreceived application for 63,000 shares. The Company finalized the allotment and theexcess money was refunded.3. The Company purchased land worth 5,00,000 and issued 45,000 shares of Rs. 10each to vendor.4. The Company purchased machine and in consideration there of issued 16,000share of Rs. 10 each. The market price of the share was Rs. 12.50.5. The Company issued 2,000 debentures of Rs. 100 each at per repayable after fiveyears at 5% redemption premium.6. The Company issued 1,000 debentures of Rs.100 each at Rs. 95 repayable afterfive years at Rs. 105.Required Record the above transactions in the General Journal of the Company.
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Al Khuwair Co. purchased a truck for RO 5,000 by issuing 200 shares of RO 10 par value shares for RO 25 per share. Prepare the journal entry for this transaction