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Problem 8-24 X Corporation issued its share capital in exchange for a portion of land with lar value of PI.000,000. Information related to share capital is as follows: Number of Par value Market value Classes of share capital: 68 Preierence shares Ordinary shares shares sold per share 2,500 5,000 PI00 100 per share None P150 Required: Record the issuace of the two classes of share capital at a lump sum price Inmn Sum Sale of Share Capital

Problem 8-24 X Corporation issued its share capital in exchange for a portion of land with lar value of PI.000,000. Information related to share capital is as follows: Number of Par value Market value Classes of share capital: 68 Preierence shares Ordinary shares shares sold per share 2,500 5,000 PI00 100 per share None P150 Required: Record the issuace of the two classes of share capital at a lump sum price Inmn Sum Sale of Share Capital

FINANCIAL ACCOUNTING
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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Problem 8-24 Lump Sum 8ale of Share Capital X Corporation issued its share capital in exchange for a portion of land with lair value ofPL.000,000. Information related to share capital is as follows: Classes of share capital: 68 Preierence shares Ordinary shares Number of shares sold 2,500 5,000 Par value per share PI00 100 Market value per share None P150 Required: Record the issuance of the two classes of share capital at a lump sum price Lumn Sum Sale of Share Capital
Transcribed Image Text:Problem 8-24 Lump Sum 8ale of Share Capital X Corporation issued its share capital in exchange for a portion of land with lair value ofPL.000,000. Information related to share capital is as follows: Classes of share capital: 68 Preierence shares Ordinary shares Number of shares sold 2,500 5,000 Par value per share PI00 100 Market value per share None P150 Required: Record the issuance of the two classes of share capital at a lump sum price Lumn Sum Sale of Share Capital
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