The Delgado Software Corporation is authorized to issue 80,000 ordinary shares. During the current year, the corporation issued 25,000 shares. Required: Prepare the required entry to record the issuance of the ordinary shares under each of the following assumptions: 1. The shares have a P5 par value and were sold for P20 per share. 2. The shares are no-par but have a stated value of P10. The total issue price was P850,000. 3. The shares are no-par and have no stated value. They were issued at P25 per share.
The Delgado Software Corporation is authorized to issue 80,000 ordinary shares. During the current year, the corporation issued 25,000 shares. Required: Prepare the required entry to record the issuance of the ordinary shares under each of the following assumptions: 1. The shares have a P5 par value and were sold for P20 per share. 2. The shares are no-par but have a stated value of P10. The total issue price was P850,000. 3. The shares are no-par and have no stated value. They were issued at P25 per share.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Issuance of Ordinary Shares
The Delgado Software Corporation is authorized to issue 80,000 ordinary shares. During
the current year, the corporation issued 25,000 shares.
Required:
Prepare the required entry to record the issuance of the ordinary shares under each of
the following assumptions:
1. The shares have a P5 par value and were sold for P20 per share.
2. The shares are no-par but have a stated value of P10. The total issue price was
P850,000.
3. The shares are no-par and have no stated value. They were issued at P25 per share.
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