Corporation was organized on January 2, 2018 and is authorized to issue 25,000 shares of 10% Preference Share Capital, P 50 par and 250,000 shares of Ordinary Share Capital, P 20 stated value. The following transactions took place during January: Jan 2 Issued to incorporators 62,500 ordinary shares at P 25 per share and 6,250 preference shares at par value. 6 Issued 1,250 shares to corporate promoters. The value of preference share capital on this
|
Faith Corporation was organized on January 2, 2018 and is authorized to issue 25,000 shares of 10% |
||
|
|
||
|
The following transactions took place during January: |
||
|
|
||
|
Jan 2 |
Issued to incorporators 62,500 ordinary shares at P 25 per share and 6,250 preference shares at par value. |
|
|
6 |
Issued 1,250 shares to corporate promoters. The value of preference share capital on this date is P 70 per share. |
|
|
10 |
Received subscriptions for 85,000 ordinary shares at P 30 per share with a down payment of 60% of the subscription price. |
|
|
19 |
Issued 25,000 ordinary shares in exchange for the following: |
|
|
|
Fair value |
|
|
Merchandise Inventory |
P 10,000 |
|
|
Land |
350,000 |
|
|
Building |
200,000 |
|
|
Equipment |
20,000 |
|
|
28 |
Received balance due on the Jan. 10 subscription and issued the certificates. |
|
|
|
|
|
|
Required: Prepare the |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
