Answer with solution/explanation Problem 20-8 (IAA)Lagen Company was organined at the beginning sf thecurrent year.The entity previded the following trastions alfectingharcholders equity:L The corporation was authorined to iasue 100,000 ondinaryshares with par value of PI00.1 Twenty five percent of the itheried ondinary capitalwas subseribed for at par valoe.3. Collected twenty five percent of the subecription.4 Fell collection was reorived on 10.000 aharen originallyubecribedS Iaued the share certifeates the fully paid 10,000shares6 Land with fair value of P8o0,000 and a building thereonfsirly valued at P2,500,000 were acquired for 30,000shares1. lasued 10,000 shares for an outatanding bank lean ofPI,300,000, ineluding secrued intreest of P200,000, Onthis date, shares are guoted at PI20 per share* Net inome for the current year amousted to P,000,000Required:*Prepare journal entries uning jnal endry methadPreent the ahareholders' equity.

GIVEN 1. The corporation was authorized to issue 100,000 ordinary shares with par value of P100.…

Leg Cmpany was organied at the begioning of the ourent year. The entity previded the fllowing tratis alffecting hareholder equity The corporstin wauthoriaed i 0.000 ordery shares with par value of PI00 1 Teenty five percent of the ssthuried oetinary capital wa subecribed for at par vale 3. Collected twenty-fore pereat of the beription 4 Fall collectioe was reoived on 10.000 shame gnally sbecribed A laued the sha certifates the fally paid 0,000 shares 0 Land with fir value of Po0.000 and a building theree fsiaty valued at P2500,00o0 weee aopaied fr 30,000 shaes

Leg Cmpany was organied at the begioning of the ourent year. The entity previded the fllowing tratis alffecting hareholder equity The corporstin wauthoriaed i 0.000 ordery shares with par value of PI00 1 Teenty five percent of the ssthuried oetinary capital wa subecribed for at par vale 3. Collected twenty-fore pereat of the beription 4 Fall collectioe was reoived on 10.000 shame gnally sbecribed A laued the sha certifates the fally paid 0,000 shares 0 Land with fir value of Po0.000 and a building theree fsiaty valued at P2500,00o0 weee aopaied fr 30,000 shaes

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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