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Compute the amount of donated capital

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Reference no: EM132750585

Question - Marasigan Corp. received the following terms as donations during 2018:

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 lest 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 establishment the value of the mobile office at P675,000.

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

Required -

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

2. Compute the amount of donated capital that Marasigan Corporation would present on Dec. 31, 2018 statement of financial position.

Reference no: EM132750585

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