On January 15, 2022, 5,000 share with par value of P 100 per share of MANE Company were issued in exchange for the land. The land has a fair value of P 800,000 and the market value of the stock is P 150 per share. Prepare the journal entry on January 15, 2022 to record the acquisition

On January 15, 2022, 5,000 share with par value of P 100 per share of MANE Company were issued in exchange for the land. The land has a fair value of P 800,000 and the market value of the stock is P 150 per share. Prepare the journal entry on January 15, 2022 to record the acquisition

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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Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

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Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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