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Compute the amount of donated capital

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Reference no: EM132537719

Question - Marasigan Corp. received the following items as donations during 2019:

Mar. 21 Arias Realty gave the corporation 5 hectares of land valued at P6,000,000. Marasigan agreed to build a distribution warehouse on the property and to employ at least 50 local residents.

Apr. 30 A shareholder donated 10,000 shares of Marasigan P200 par ordinary shares. The stock was selling for P425 per share on Apr. 30.

June 25 Bobadilla Holdings donated a mobile office, which was moved to the donated land and used as temporary office. An independent appraisal established the value of the mobile office at P675,000.

July 15 4,000 of the ordinary shares received as donation on April 30 were sold for P1,820,000.

Required -

1. Prepare the journal entries to record the transactions related to the donation.

2. Compute the amount of donated capital that Marasigan Corporation would present on the December 31, 2019 statement of financial position.

Reference no: EM132537719

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