Please help me answer 1 and 2 and I will give credit through upvote. Thank you The Good News Corporation was formed on April 1, 2014. There were two transactionsinvolving Issuance of preference shares: (1) 2,000 shares were issued in exchange for land, and(2) 500 shares were issued for cash of P70 per share. There were also two transactions involving514issuance of ordinary shares: () 12,000 shares were issued for cash, and (2) 800 shares wereissued as payment for pre-operating expenses Selected general ledger accounts for the GoodNews Corporation show the following activities for the first month of operations:CashPreference Share Capital,P50 par100 p0025.p0078,00035,000Pre-Operating ExpensesPreference Share Premium50.00010,0005,400LandOrdinary Share Capital,P5 par60,0004000150,000Ordinary Share Premium18,0001,400515Insructions:1. Reconstruct the journal entries made for share capital transactions during the month ofApril.2. Determine the total number of preference and ordinary shares outstanding.

The shares can be issued against cash or non cash assets. The non cash assets may include land,…

The Good News Corporation was formed on April 1, 2014. There were two transactions involving Issuance of preference shares: (1) 2,000 shares were issued in exchange for land, and (2) 500 shares were issued for cash of P70 per share. There were also two transactions involving 514

The Good News Corporation was formed on April 1, 2014. There were two transactions involving Issuance of preference shares: (1) 2,000 shares were issued in exchange for land, and (2) 500 shares were issued for cash of P70 per share. There were also two transactions involving 514

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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