Reference no: EM132815823

Question - The financial position of Blue Corporation showed the following information as at March 31, 2019, the year that the corporation was authorized to issued 500,000 shares.

ASSETS:

Cash 500,000

Properties 1,560,000

Subscription Receivable 500,000

TOTAL: 2,560,000

STOCKHOLDER'S EQUITY:

Paid In Capital:

Share Capital, Par 10 1,200,000

Subscribed 1,000,000

Paid in Excess of Par 360,000

TOTAL: 2,560,000

Direction:

a. How many shares are still unissued?

b. How many shares are still available for sale or for subscription?

c. Record receipt of cash from four incorporators who subscribed at par with a 20% down payment.

d. Record the receipt of properties acquired for shares issued at a premium.

e. Record the additional receipt of cash from the incorporators.