Favor Corp. was organized on January 1, 2020 and was authorized to issue 50,000 ordinary shares with par value of P'100 per share. 40% of the authorized share capital were subscribed and 25% of the subscription were paid. On March 1, 2020, the corporation received full payment on the 10,000 shares originally subscribed. Land with a fair value of P'1,100,000 was also acquired upon issuance of 10,000 shares. The full payment received on March 1 is recorded as a debit to cash and a credit to subscription receivable in the amount of ?

Favor Corp. was organized on January 1, 2020 and was authorized to issue 50,000 ordinary shares with par value of P'100 per share. 40% of the authorized share capital were subscribed and 25% of the subscription were paid. On March 1, 2020, the corporation received full payment on the 10,000 shares originally subscribed. Land with a fair value of P'1,100,000 was also acquired upon issuance of 10,000 shares. The full payment received on March 1 is recorded as a debit to cash and a credit to subscription receivable in the amount of ?

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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