24 and 25 only 7-7Papaya Corporation issued its 3,000 ordinary shares in exchange for land which has a fairmarket value of P350,000. The par value per share is P100 while the market value per shareis P120.Q-23 - How much amount of share premium that Papaya Corporation should recognize?a) P20,000c) P60,000P70,000b) P50,000d)7-8Melon Corporation issued its 1,000 ordinary shares for legal services in forming the saidcorporation. The par value per share is P100 and the fair market value is P130. The cost ofthe services is not known.Q-24 How much would be debited to legal expenses?a) P100,000b) P130,0007-9a) P4,900,000b) P5,100,000c) P140,000d) P150,000The account below appears in the December 31, 20A trial balance of Metro Cagayan SalesCorporation:Authorized Ordinary ShareUnissued Ordinary ShareSubscribed Ordinary ShareSubscription Receivable-OrdinaryShare PremiumAccumulated Profits (Losses) UnappropriatedAccumulated Profits (Losses) AppropriatedTreasury Share at CostP5,000,0002,000,0001,000,000400,000500,000c) F5,500.000.) PS,600,000600,000300,000Q-25 In its December 31,20A Balance Sheet, Metro Cagayan Sales Corporation shouldreport total shareholders' equity of-100,000

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Melon Corporation issued its 1,000 ordinary shares for legal services in forming the said corporation. The par value per share is P100 and the fair market value is P130. The cost of the services is not known. How much would be debited to legal expenses? a) P100,000 b) P130,000 Q-24 c) P140,000 d) P150,000

Melon Corporation issued its 1,000 ordinary shares for legal services in forming the said corporation. The par value per share is P100 and the fair market value is P130. The cost of the services is not known. How much would be debited to legal expenses? a) P100,000 b) P130,000 Q-24 c) P140,000 d) P150,000

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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