Sunrise Corporation, a food company, was established on January 2, 2018. It is authorized to issue 100,000 shares of 6%, P50 par value preference shares, and 600,000 shares of no par value ordinary shares with a stated value of P5 per share. It made the following share transactions during the year. February 12 March 2 Issued 120,000 ordinary shares for cash at P6 per share. Issued 30,000 preference shares at par for cash. Issued 100,000 ordinary shares for a piece of land as future building site. The asking price for the land was P700,000. The fair value was P600,000. Issued 200,000 ordinary shares for cash at P7 per share. Issued 10,000 preference shares for cash at P54 per share. March 24 April 18 November 15

Sunrise Corporation, a food company, was established on January 2, 2018. It is authorized to issue 100,000 shares of 6%, P50 par value preference shares, and 600,000 shares of no par value ordinary shares with a stated value of P5 per share. It made the following share transactions during the year. February 12 March 2 Issued 120,000 ordinary shares for cash at P6 per share. Issued 30,000 preference shares at par for cash. Issued 100,000 ordinary shares for a piece of land as future building site. The asking price for the land was P700,000. The fair value was P600,000. Issued 200,000 ordinary shares for cash at P7 per share. Issued 10,000 preference shares for cash at P54 per share. March 24 April 18 November 15

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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