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Prepare journal entries

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Question - Alyssa Corporation had the following transactions in the no-par value ordinary shares of Dada Corporation which she is holding as a long-term investment;

-Purchased 1,000 shares at P90 per share.

-Received a 20% stock dividend.

-Received a cash dividend of P1 per share.

-By proper resolution, there was a 2-for-1 split.

-Received rights to purchase Yssa ordinary shares at P85 per share. Four rights were required to purchase one new share. Rights have a market value of P 3 each and the stock is selling ex-rights at P97 per share.

-Exercised 400 rights.

-Sold the remaining rights at 120% of the cost.

-Sold 1,000 shares at P45 per share. Use FIFO method.

Required - Prepare journal entries?

Reference no: EM132933995

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