has a fair value of P500,000. Mizon
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![44. Mizona Corp. issued 10,000 shares of its P1 par value ordinary shares
for a building. The building has a fair value of P500,000. Mizona's ordinary
shares is currently selling for P45 per share. Mizona Corp, should record
the building at *
P10,000
P440,000
P450,000
P500,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0b04c327-107b-44a6-92ef-a995f1f6d808%2Faba03f5b-b18d-4654-9278-25681193a5eb%2Fmh2w6d_processed.jpeg&w=3840&q=75)
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- Mirza Corp. issued 10,000 ordinary shares with a par value of P1 for a building. The building is worth around P500,000. Mirza's common stock is now trading at P45 per share. Mirza Corp. should document the structure at *P10,000P440,000P450,000P500,000Answer in good Accounting form. Thanks!2. LAVENDER Corporation issued 20,000 shares of its P70 par value ordinary share capital and 8,000 of its P80 par value preference share capital for a total amount of P1,800,000. At this date, the company's ordinary shares are selling at P80 per share and the preference shares are at P100 per share. What amount of the proceeds should be allocated to the preference shares? * P 800,000 9 640,000 400,000 9 600,000
- Venus Company issued 20,000 shares of its P70 par value ordinary shares and 8.000 shares of its P80 par value preference share capital for a total of P1,800.000. At this date, the company's ordinary shares were selling at P80 per share and the preference was selling at P100 per share. (1) What amount of the proceeds should be allocated to the preference shares?*Provide complete solution: ABC Company issued 1,000 shares with P5 par to XYZ Company as compensation for 1,000 hours of legal services performed. XYZ Company usually bills P150 per hour for legal services. On the date of issuance, the share was trading on a public exchange at P140. By what amount should the share premium account increase as a result of the transaction? A. P 160,000B. P 145,000C. P 135,000D. P 155,00020.Corridor Company issued 6,000 share of its P100 par ordinary share to Max Las compensation for 1,000 hours of legal services performed, Max L usually bills P500 per hour for legal services. On this date of issuance, the share was selling at a public trading at P150 per share. By what amount should the share premium account of Corridor Company increase as a result of the issuance of those shares? A. P3,000,000 B. P600,000 C. P300.000 D. P900,000 The Magic Lamp Corporation was incorporated on January 1, 2021, with the following authorized capitalization: 40,000 ordinary shares, no par value, stated value P40 per share 10,000 shares of 5% cumulative preference share, par value P10 per share During 2021, Magic Lamp issued 24,000 ordinary share for a total of P1,200,000 and 6,000 preference share at P16 per share, In addition, on December 31, 2021, subscriptions for 2,000 preference shares were taken at a purchase price of P17. These subscribed share were paid for on January 2. 2022.…
- 15.The VV Company will issue shares of P10 par value common stock for all the assets and liabilities of the NN Company. VV Company's common stock has a current market value of P40 per share. The NN Company's Statement of financial position prior to acquisition is shown below: 320,000 Current Assets Liabilities 400,000 PPE (net) 880,000 Common Stock, P4 par 80,000 Total Assets 1,200,000 APIC 320,000 Retained Earnings Total Equity 400,000 1,200,000 The fair market value of the current assets is 400,000 while that of the PPE is 1,600,000. All the liabilities are correctly stated VV Company issued sufficient shares of stock so that the fair market value of the stock isued is equal the fair market value NN Company's net assets. To have an income from acquisition of 100,000, the number of shares to be issued by VV Company should be: C. 42,500 A. 37,500 B. 37,000 D. 42,000Nizwa Co. issues 2,000 ordinary shares with a RO 10 par value at RO 16 per share. What should be recorded for this transaction.Virma Corporation sold to a subscriber 500 shares of its P30 par value common stock at P32 per share receiving a 30% down payment. In recording this transaction, A. Ordinary share will be credited in the amount of P15,000 B. Ordinary share will be credited in the amount of P16,000 C. Subscribed share capital will be credited in the amount of P15,000 D. Share premium will be credited in the amount of P4,500 Leon Corporation sold 500 shares of its P40 par value preferred stock for cash at P50 per share. In recording this transaction, there would be a A. Credit to preference share capital for P25,000 B. Credit to preference share capital for P20,000 C. Credit to subscribed preference share capital for P20,000 D. Credit to share capital in excess of stated value for P5,000 Luningning Corporation sold for cash 400 shares of preferred stock with a par value of P50 per share at P56 per share. Also, 600 shares of common stock with no…
- SISA Ltd is a company with 40 000 authorised Ordinary Share Capital with a par value of R1. The company issued 30 000 shares at R1.30 for each share. What would be the effect of this transaction in SISA’s records? Select one: a. Ordinary share capital will increase by R39 000 and share premium will be unaffected. b. Ordinary share capital will increase by R39 000 and share premium will increase by R9 000. c. Ordinary share capital will increase by R30 000 and share premium will increase by R39 000. d. Ordinary share capital will increase by R30 000 and share premium will increase by R9 000.plz solve!!!Show solutions
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