screen recX Company is authorized to issue 100,000 shares of 6% P8 par preference shares and1,000,000 ordinary shares with par value of P5. Below are the transactions of thecompany:|January 1January 2January 4|January 6January 9January 11January 13 Issued 20,000 preference shares for equipment with fair value of 320,000.January 15 Purchased 10,000 ordinary shares as treasury shares for 115,000.January 19 Reissued 3,000 shares at 13 per shareJanuary 22 Reissued 4,000 shares at 10 per shareJanuary 25 Retired the remaining treasury sharesJanuary 30 Received 10,000 ordinary shares from shareholders as donationJanuary 31 Sold the donated shares at 10.5 per shareIssued 30,000 preference shares at 25 per shareReceived subscription of 100,000 ordinary shares at a price of 13 per shareIssued 10,000 ordinary shares in exchange of land with fair value of 120,000Received 50% payment from the January 2 transaction.Issued 60,000 ordinary shares for cash, 15Received full payment of the transaction on January 2 and issued the shares.pershare.Prepare all journal entries. After all journal entries are prepared, compute for the ff:Issued preference shares, issued ordinary shares, outstanding preference shares,outstanding ordinary shares.

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X Company is authorized to issue 100,000 shares of 6% P8 par preference shares and 1,000,000 ordinary shares with par value of P5. Below are the transactions of the company: January 1 January 2 January 4 Issued 30,000 preference shares at 25 per share Received subscription of 100,000 ordinary shares at a price of 13 per share Issued 10,000 ordinary shares in exchange of land with fair value of 120,000

X Company is authorized to issue 100,000 shares of 6% P8 par preference shares and 1,000,000 ordinary shares with par value of P5. Below are the transactions of the company: January 1 January 2 January 4 Issued 30,000 preference shares at 25 per share Received subscription of 100,000 ordinary shares at a price of 13 per share Issued 10,000 ordinary shares in exchange of land with fair value of 120,000

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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PLease answer only B6 and B7
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