Reference no: EM132594066

Question 1: Journalize the following transaction

a. A corporation issued 1,000 shares of common stock at par value of $40 per share. The journal entry to record the issue of the shares would be

b. A corporation issued 20,000 shares of common stock with par value of &40 Per share for P45 per share. The journal entry to issue of the shares would be

Abc corporation was organized on January 1, 2020 and us authorized to issue 100,000 shares of non - par value ordinary share, and 200,000 shares pf P100 par value preferred share. The ordinary share has a stated value of P10 per share.

The following transaction relating to its share capital took place during the month of January:

c. The incorporations issued for cash 20,000 shares at stated value.

d. Received subscriptions from various subscribes for 10,000 ordinary share at P13 per share and 2,000 preference shares at P105 per share. The subscribed paid 40% of the subscription price and the remaining 60% is payable within 60 days from subscription date.

d. 1. Subscription:

d. 2. Payment:

e. Issued for cash 5,000 shares P110 per share.

f. Merchandise inventory was received from investors in exchange for 500 ordinary shares.

g. Issued 1,000 ordinary shares for incorporation services rendered by the lawyer. The fair market value of such services is P 12,000