Reference no: EM132756797
On January 3, Kirby Company was authorized to issue 10,000 shares of P100 par value ordinary shares. On January 5, three thousand (3,000) shares were sold for cash at P105 per share. On January 6, subscriptions were received for 1,000 shares for P110 per share with 60% payment. On January 10, subscribers of 600 shares paid P26,400 as full payment for the remaining balance. On the last day of January, 500 shares were reacquired at P80 per share. These shares were not cancelled. The account Income and Expense Summary had a credit balance of P1,000,000.
Problem 1: On January 5 entry, how much is Share Premium? Indicate whether debit or credit, example: 50000 debit
Problem 2: On January 6 entry, how much is Share Premium? Indicate whether debit or credit, example: 50000 debit
Problem 3: On January 10 entry, how much is Ordinary Shares? Indicate whether debit or credit, example: 50000 debit
Problem 4: On January 31, how much is Retained Earnings Appropriated? Indicate whether debit or credit, example: 50000 debit
Problem 5: Compute for the total number of outstanding shares.
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