Entries for Selected Corporate TransactionsBacalso Enterprises, Inc. manufactures bathroom fixtures. The shareholders' equityaccounts with balances as of Jan. 1, 2018 are as follows:Ordinary Shares, P25 stated value, 100,000 sharesauthorized, 50,000 shares issuedP1,250,000250,000150,00080,000725,00080,000Share PremiumAppropriation for Plant ExpansionAppropriation for Treasury StockRetained EarningsTreasury Stock, 2,500 shares, at costThe following selected transactions occurred during the year:Received donated land with a fair market value of P100,000,Paid cash dividends of P1 per share on the ordinary shares. Thedividend had been properly recorded when declared on Dec. 30 of thepreceding fiscal year for P47,500.Sold all of the treasury stock for P95,000.Issued 6,000 ordinary shares for P240,000.Declared a 2% share dividend on ordinary shares, to be capitalized atthe market price of the stock, which is P40 a share.Issued the certificates for the dividend declared on July 1.Purchased 2,000 shares of treasury stock for P72,000.The board of directors authorized an increase of the appropriation forplant expansion by P50,000.Declared a PO.50 per share dividend on ordinary shares.Decreased the appropriation for treasury stock to P72,000.Closed the credit balance of the income summary account, P169,400.Closed the two dividends accounts to Retained Earnings.Jan. 2029Mar. 3Apr. 1July 1Aug. 11Nov. 20Dec. 2121213131Required:1. Enter the Jan. 1 balances in T-accounts for the shareholders' equity accounts.2. Journalize and post the transactions.3. Prepare the shareholders' equity section of the statement of financial position as ofDec. 31, 2018.

Shareholders' equity can be defined as the ownership of assets held by the business in the form of…

Required: 1. Enter the Jan. 1 balances in T-accounts for the shareholders' equity accounts. 2. Journalize and post the transactions. 3. Prepare the shareholders' equity section of the statement of financial position as of Dec. 31, 2018.

Required: 1. Enter the Jan. 1 balances in T-accounts for the shareholders' equity accounts. 2. Journalize and post the transactions. 3. Prepare the shareholders' equity section of the statement of financial position as of Dec. 31, 2018.

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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