Reference no: EM132954830
PROBLEM Corporation incurred the following cost related to share capital transactions:
Printing cost of stock certificates P 2,000
Underwriting free and commissions 30,000
Salary of employee administering the of share capital 18,000
During the period, 10,000 ordinary shares with par of P10 were issued for P160 per share.
Compute the amount of minimum paid-up share capital.
Z Company incurred the following expense related to the share capital:
1. Organization costs:
a. Filling fees with SEC, P5,000
b. Legal fees- issuance of 1,000 shares at par P100
c. Promoters' fee, P20,000
d. Printing cost of share certificates, P10,000
2.Underwriters' commission, P15,000 for the issuance of 2,000 shares at par of P100 issued at 120%.
3. Administrative expense for maintaining share capital records and certificate:
a. Salary of share certificate custodian, P5,000.
b. Salary of secretary, P6,000.
c. Reprinting of share certificates, P10,000.
Required: Journalize the above transactions.
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