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Kalaw and Ragasa are partners sharing profits and losses in the ratio of 1:2, respectively. On July 1, 2018, they decided to form KR Corporation by transferring the assets and liabilities from the partnership to the corporation in exchange for its stocks.
The following is the post - closing trial balance of the partnerships:
Debit Credit
Cash P 45 000
Accounts receivable (net) 60 000
Inventory 90 000
Property and Equipment (net) 174 000
Liabilities P 60 000
Kalaw, Capital 94 800
Ragasa, Capital 214 200
P 369 000 P 369 000
It was agreed that adjustment be made to the following assets to be transferred to the Corporation:
Accounts receivable P 40 000
Inventory 68 000
Property and Equipment 180 600
Required:
Problem 1: Compute for the total number of preference and ordinary shares to be issued by the corporation in exchange for the assets and liabilities of the partnership.
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