During its first year of operations, Victory, Inc. entered into the following transactions relating to shareholders' equity. Victory's articles of incorporation authorized the issue of 240,000 ordinary shares, P10 par per share, and 30,000 preference shares, P50 par per share. > March 14- Sold 50,000 ordinary shares for P100 per share. > March 15- Issued 20,000 ordinary shares to lawyers in exchange for legal services amounting to P 300,000. > March 15-Sold 35,000 of its ordinary shares and 10,000 preference shares for P6,000,000. Fair value of the ordinary share is P100. > November 20 - Issued 1,900 of its ordinary shares in exchange for equipment for which the cash price was known to be P185,000. Based on the preceding information, determine the total shareholders' equity.

During its first year of operations, Victory, Inc. entered into the following transactions relating to shareholders' equity. Victory's articles of incorporation authorized the issue of 240,000 ordinary shares, P10 par per share, and 30,000 preference shares, P50 par per share. > March 14- Sold 50,000 ordinary shares for P100 per share. > March 15- Issued 20,000 ordinary shares to lawyers in exchange for legal services amounting to P 300,000. > March 15-Sold 35,000 of its ordinary shares and 10,000 preference shares for P6,000,000. Fair value of the ordinary share is P100. > November 20 - Issued 1,900 of its ordinary shares in exchange for equipment for which the cash price was known to be P185,000. Based on the preceding information, determine the total shareholders' equity.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 4PA: Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par...

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