January 10 Issued share rights to all outstanding ordinary shares. Five rights are needed to purchase one ordinary share for P110. Received a parcel of land with a fair value of P2,465,000 for the issuance of 10,000 preference shares and 20,000 ordinary shares. The fair values of the shares are P50 and P120, respectively. March 21 June 1 Received subscription for 10,000 ordinary shares for P135 each. 30% downpayment was received. 20,000 share rights were exercised. Received subscription for 20,000 ordinary shares for P140 each. 25% down payment was received. Balance is expected to be collected on the next year. June 16 August 19 Subscriptions from June 1 were declared delinquent. Expenses relating to the delinquency sale totaled P20,000. December 28

January 10 Issued share rights to all outstanding ordinary shares. Five rights are needed to purchase one ordinary share for P110. Received a parcel of land with a fair value of P2,465,000 for the issuance of 10,000 preference shares and 20,000 ordinary shares. The fair values of the shares are P50 and P120, respectively. March 21 June 1 Received subscription for 10,000 ordinary shares for P135 each. 30% downpayment was received. 20,000 share rights were exercised. Received subscription for 20,000 ordinary shares for P140 each. 25% down payment was received. Balance is expected to be collected on the next year. June 16 August 19 Subscriptions from June 1 were declared delinquent. Expenses relating to the delinquency sale totaled P20,000. December 28

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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