SHAREHOLDERS' EQUITY Jan. 01Issuance of 150,000 shares of capital share, P10 par; authorized 500,000 shares in exchange for real estate property with a market value of P2 million 1,500,000 Jan. 15Sale of 200,000 shares of capital share at P12 per share 2,400,000 Mar. 01Purchase 20,000 shares of its own share at P15 per Share 300,000 May 15Loss on sale of motor equipment 100,000 Jun 10 Proceeds from sale of 10,000 treasury shares 170,000 Dec 31 Declared cash dividends payable quarterly beginning April 1, 1998 200,000 Dec 31 Net profit for the year 790,000

SHAREHOLDERS' EQUITY Jan. 01Issuance of 150,000 shares of capital share, P10 par; authorized 500,000 shares in exchange for real estate property with a market value of P2 million 1,500,000 Jan. 15Sale of 200,000 shares of capital share at P12 per share 2,400,000 Mar. 01Purchase 20,000 shares of its own share at P15 per Share 300,000 May 15Loss on sale of motor equipment 100,000 Jun 10 Proceeds from sale of 10,000 treasury shares 170,000 Dec 31 Declared cash dividends payable quarterly beginning April 1, 1998 200,000 Dec 31 Net profit for the year 790,000

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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