On September 3, 2021, Mirabel Corporation issued for cash 15,000 shares of no-par ordinary shares with a stated value of P10 per share at P14. On September 18, it issued for cash 950 shares of P150-par 10% preference shares at P120. Required: Prepare the journal entries for September 3 and September 18. What is the total amount invested by all shareholders as of September 18?

On September 3, 2021, Mirabel Corporation issued for cash 15,000 shares of no-par ordinary shares with a stated value of P10 per share at P14. On September 18, it issued for cash 950 shares of P150-par 10% preference shares at P120. Required: Prepare the journal entries for September 3 and September 18. What is the total amount invested by all shareholders as of September 18?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 10MC

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