How much should the legal services be valued? Please explain the answer.
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[Accounting for Corporation]
Karima Corporation issued 2, 000 shares for legal services with a fair value of USD500, 000 on March 22. On this date, the shares are trading at a market value of USD150 per share. How much should the legal services be valued? Please explain the answer.
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- she Company was organized on January 1, 2015 with authorized share capital of 100,000 shares of P20 par value. During the year, the entity had the following transactions affecting shareholders’ equity: January 10: Issued 25,000 shares at P22 a share. March 25 : Issued 1,000 shares for legal services when the fair value was P24 a share. September 30: Issued 5,000 shares for a tract of land when the fair value was P26 a share. What amount should be reported as share premium on December 31, 2015?During the incorporation of J Inc., it issued 1,000 shares at Php205/share, par value is at Php180/share Stock issue costs amounted to Php30,000 was paid in the process. Also, the Inc. issued 500 shares to attorneys for services in securing the corporate charter and for preliminary legal cost of organizing the corporation with the fair value of the 100,000 for the service. What is the journal entry of the following (a) Stock issuance (b) Stock Issue Cost (c) Organizational costCool Company has decided to take their company public on January 1, 2014. Cool company had 1,000 shares authorized. The following transactions occurred. a.) Jean grey issues 5,000 shares for $15 per share during their IPO on January 1, 2014. each share has a par value of $5. Record the journal entry for this transaction. Please label debits and credits and include classification of each account. b.) On January 1, 2015, Cool company bought back 2,000 shares from the open market at a price of $25 per share. Record the journal entry for this share repurchase. Label debits and credits and include classification of each account.
- Alanae Inc issues 500 common shares to the organizers of its corporation to pay for their services valued at $5,000. What is included in the journal entry to record this transaction? O a. O b. C. O d. A debit to an asset account A credit to an expense account A credit to a liability account A credit to an equity accountOn January 3, Melrose Corporation purchased 1,800 shares of the company's $1 par value common stock as treasury stock, paying cash of $11 per share. On January 30, Melrose sold 1,450 shares of the treasury stock for cash of $12 per share. Journalize these transactions (Record debits first then credits Explanations will appear on the last line of the journal entry table.)Please answer asap! UPVOTE will be given! No long explanation needed. BFAR Corp. was authorized to issue 300,000 ₱7 par value ordinary shares. It received subscriptions for 55,000 ordinary shares at ₱9 per share and collected half of this subscription. How much is the balance of the Subscribed Share Capital account?
- Please quickly just say the correct answer. Don't explain ! On May 12, HK Corporation was formed with the capital of 300.000 TL by issuing 300.000 shares of stock with " 1 par value. Stocks were sold for 1.30 TL each, 3.00Ó TL commission was charged for selling stocks and the remaining receipts were deposited to the bank account of the business. а. 387.000 TL debit to 102-Bank; 3.000 TL debit to 653-Com. Expense and 300.000 TL credit to 110- Stocks; 90.000 TL credit to 520-A. Paid-in Capital b. 387.000 TL debit to 102-Bank; 3.000 TL debit to 653-Com. Expense and 300.000 TL credit to 501- Unpaid Capital; 90.000 TL credit to 520-A. Paid-in Capital С. 390.000 TL debit to 102-Bank and 300.000 TL credit to 501-Unpaid Capital; 87.000 TL credit to 520-A. Paid-in Capital; 3.000 TL credit to 653- Com. Expense d. 387.000 TL debit to 102-Bank; 3.000 TL debit to 653-Com. Expense and 300.000 TL credit to 110- Stocks; 90.000 TL credit to 645-MS Capital GainThe Tornado Truck Body Company decides to repurchase 10,000 shares of its common stock on January 20. The stock has $1 par value, and the market value per share of common stock on January 20 is $8.75. The company decides to sell 5,000 of the treasury stock shares on April 30 for $9.00 per share. What is the amount of the gain recognized as a result of the transaction? Group of answer choices A)$40,000 b)$0 c)$45,000 d)$1,250 e)None of the aboveWhat is the difference between the current ratio and the quick ratio?
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