Sampaguita is authorized to issue P1,000,000 share capital divided into 10,000 shares with P100 par. If 2,000 shares were sold on cash basis at P150 per share, the gain to be part of the accumulated profits is ____________.

Vaughn Corporation sold 390 shares of treasury stock for $55 per share. The cost for the shares was $45. The entry to record the sale will include a O credit to Treasury Stock for $21450. O credit to Paid-in Capital from Treasury Stock for $3900. O debit to Paid-in Capital in Excess of Par for $3900. O credit to Gain on Sale of Treasury Stock for $17550.

The LL Company will issue shares of P10 par value common stock for all the assets and liabilities of the OO Company. LL Company’s common stock has a current market value of P40 per share. The OO Company’s net assets were as follows:   Current Assets                                                  1,280,000 Non-Current Assets                                         3,520,000 Liabilities                                                            1,600,000   The fair market value of the current assets is P1,600,000 while that of the non-current assets is 6,400,000. All of the liabilities are correctly stated. LL Company issued sufficient shares of stock so that the fair market value of the stock is equal the fair market value of OO Company’s net assets. Referring to the previous item,  To have a goodwill of P800,000, the number of shares to be issued by LL should be?    144,000 178,000160,000 180,000

Sandy Company owns 15,000 of the 100,000 ordinary shares of X Corporation. The investment is accounted as Financial Assets Through Profit or Loss and has a carrying value of P3,300,000. X Corporation declared a 10% stock dividend but gave the investors the option to receive P210 per whole stock of dividend. How much cash will Sandy receive? In your solutions, show the journal entry to record the dividends if Sandy opted to receive cash.