Problem2:The Dirge Corporation was organized on January 1, 2013 with authorized share capital consisting 50,000preference shares with a par value of P 50 and 1,000,000 of no-par ordinary shares with a stated value ofP 6. At December 31, 2013, the ledger included the following balances pertaining to shareholders' equity:Preference share capitalP 1,000,000Share premium – preferenceOrdinary share capitalPaid in capital in excess of stated value -ordinary120,0003,000,0004,760,000Ten thousand preference shares were issued for equipment having a fair value of P 550,000. Theremaining preference shares were issued for cash. All ordinary shares were issued for cash.Compute for the:3. Number of preference shares issued for cash.4. Price per share of preference share capital issued for cash.5. Number of ordinary share issued.6. Average price per share of the ordinary share capital.7. Total preference share premium arising from issuance in exchange for equipment.

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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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Sunland Corporation was organized on January 1, 2022. It is authorized to issue 9,600 shares of 8%, $50 par value preference shares, and 501.500 shares of no-par ordinary shares witha stated value of $2 per share. The following share transactions were completed during the first year. Jan, 10 Issued 80,050 ordinary shares for cash at $6 per share. Mar, 1 Issued 5,930 preference shares for cash at $113 per share. Apr. 1 Issued 24,680 ordinary shares for land. The asking price of the land was $90,820; the fair value of the land was $80.050. May 1 Issued 80,050 ordinary shares for cash at $8 per share. Aug. 1 Issued 9,600 ordinary shares to attorneys in payment of their bill of $50,400 for services rendered in helping the company organize. Sept. 1 Issued 9,600 ordinary shares for cash at $10 per share. Nov. 1 Issued 1,100 preference shares for cash at $115 per share. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount…
On October 1, 2021, ATN Corporation, a newly formed company had the following shares issued and outstanding: Preference shares, P50 par, 6,000 shares originally issued at P100; Ordinary share P20 par,20,000 shares originally issued at P60. ATN shareholders' equity should report preference share capital, ordinary share capital and paid-in capital in excess of par, respectively at: a.) P600,000, P1,200,000 0 b.) P300,000, P1,200,000 P300,000 c.) P300,000, P400,000 P1,100,000 d.) P600,000, P400,000 P800,000 SHOW COMPLETE SOLUTION
BananaQ Company was organized on January 1,2020, with an authorization of 400,000 ordinary shares, a par value of P6 per share. During 2020, the corporation had the folloWing capital transactions: January-5. July-28. December-31. Sold the 30,000 shares held in treasury at P18 per share Issued 225,000 share at P10 per share Purchased 30,000 of its own shares at P11 per share How many shares are issued and outstanding as of December 31,2020? Select the correct response: O 370,000 O 400,000 O 225,000 O 195,000 Continue > < Previous
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