Problem 5 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.

Par value is the value of a single common share as set by a corporation's charter.The par value of a…

Problem 20-5 (IAA) Le Compeny was organied at the begioning of the eurnt year. The entity previded the lowing trt alfeting hareholders equity The oorporstien shares with par value of PI00. authoried i s00.000 iery 1 Teenty-five percent of the eihried ntinary enpital wa ubscribed for at par vale 3. Coliected twesty-fore peent of the beription & Fell collection ws reied n s0.000 ahares gnlly wbecribed 10.000 ahae ongly S laund the shae certid shares. fateethe flly paid 10.00 Land with fir value of Po0,000 and s building there feirly valued at PL00.000 wee sopied fir 30,000 ahares

Problem 20-5 (IAA) Le Compeny was organied at the begioning of the eurnt year. The entity previded the lowing trt alfeting hareholders equity The oorporstien shares with par value of PI00. authoried i s00.000 iery 1 Teenty-five percent of the eihried ntinary enpital wa ubscribed for at par vale 3. Coliected twesty-fore peent of the beription & Fell collection ws reied n s0.000 ahares gnlly wbecribed 10.000 ahae ongly S laund the shae certid shares. fateethe flly paid 10.00 Land with fir value of Po0,000 and s building there feirly valued at PL00.000 wee sopied fir 30,000 ahares

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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