-On June 1, 20x1, Eureka Co. issued 30,000 stock rights to its shareholders. Each stock right entitles the holder to purchase one ordinary share of Eureka Co. for P50. The share is P10 and the fair value per share is P80. Half of the stock rights were exercised on June 20, 20x1 and the remaining half expired on June 30, 20x1. par value per Requirement: Provide the journal entries.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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-On June 1, 20x1, Eureka Co. issued 30,000 stock rights to its
shareholders. Each stock right entitles the holder to purchase
one ordinary share of Eureka Co. for P50. The par value per
share is P10 and the fair value per share is P80. Half of the
stock rights were exercised on June 20, 20x1 and the remaining
half expired on June 30, 20xl.
Requirement: Provide the journal entries.
Transcribed Image Text:-On June 1, 20x1, Eureka Co. issued 30,000 stock rights to its shareholders. Each stock right entitles the holder to purchase one ordinary share of Eureka Co. for P50. The par value per share is P10 and the fair value per share is P80. Half of the stock rights were exercised on June 20, 20x1 and the remaining half expired on June 30, 20xl. Requirement: Provide the journal entries.
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