Reference no: EM133176194

Question - The ABC Corp. was organized with an authorized Php100,000 no par ordinary shares. The board of directors fixed the stated value at Php10 per share. The following transactions were completed:

Jan. 2 - Sold 2,000 shares at Php11 per share. Sold 1,000 shares at Php12, collecting 50% down payment.

Feb. 1 - Received subscriptions to 4,000 shares at Php12 per share and received 20% down payment.

March 1 - Sold 300 shares at Php10 in cash.

April 1 - Collected the balance of the subscription on January 2.

April 15 - Collected the balance of the subscription of February 1.

May 6 - Sold the balance of the remaining shares at Php12 per share and received 20% down payment.

Required - Journal entries to record the above transactions using the following assumptions

1. Shares are recorded at the issue price.

2. Shares are recorded at par value.