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Prepare journal entries for alyssa corporation

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Reference no: EM132902256

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;

  1. Purchased 1,000 shares at P90 per share.
  2. Received a 20% stock dividend.
  3. Received a cash dividend of P1 per share.
  4. By proper resolution, there was a 2-for-1 split.
  5. 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.
  6. Exercised 400 rights.
  7. Sold the remaining rights at 120% of the cost.
  8. Sold 1,000 shares at P45 per share. Use FIFO method.

Required:

Problem 1: Prepare journal entries

Reference no: EM132902256

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