B. Villarama Corporation was organized on Jan. 1, 2018. It is authorized to issue 20,000 shares of 6%, P50 par value preference shares, and 50,000 shares of no-par ordinary shares with a stated value of P10 per share. The following stock transactions were completed during the year: Jan. 10 Issued 10,000 ordinary shares for cash at P35 per share Mar. 1 Issued 10,000 preference shares for cash at P55 per share Аprг. 1 Issued 2,500 ordinary shares for land. The asking price of the land was P90,000; the fair market value of the land was P85,000. May 1 Issued 7,500 ordinary shares for cash at P40 per share Aug. 1 Issues 1,000 ordinary shares to lawyers in payment of their bil for P50,000 pertaining to services rendered in helping the corporation organize

B. Villarama Corporation was organized on Jan. 1, 2018. It is authorized to issue 20,000 shares of 6%, P50 par value preference shares, and 50,000 shares of no-par ordinary shares with a stated value of P10 per share. The following stock transactions were completed during the year: Jan. 10 Issued 10,000 ordinary shares for cash at P35 per share Mar. 1 Issued 10,000 preference shares for cash at P55 per share Аprг. 1 Issued 2,500 ordinary shares for land. The asking price of the land was P90,000; the fair market value of the land was P85,000. May 1 Issued 7,500 ordinary shares for cash at P40 per share Aug. 1 Issues 1,000 ordinary shares to lawyers in payment of their bil for P50,000 pertaining to services rendered in helping the corporation organize

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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