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How to create the journal entries to record the transactions

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Reference no: EM132557197

The Integrity Corporation was incorporated on January 1, 2019 with authorized capital of 250,000 shares of P100 par value 10% preference share capital and 500,000 shares of P20 stated value ordinary share capital. The shares issued during 2019 are as follow:

Jan 1 Issued for cash 62,500 preference shares at par, and 125,000 ordinary shares for P25

May 1 Issued for cash 25,000 preference shares for P3,000,000

Dec 1 Issued for cash 25,000 ordinary shares for P600,000

Instructions:

Question 1: Prepare the journal entries to record the above transactions.

Reference no: EM132557197

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