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Prepare journal entries to record aforementioned transaction

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Question - Mac Corporation was authorized to issue 100,000 shares with a par value of P120 per share; 90,000 shares were already issued at par value.

a. The corporation acquired 500 shares from Alex at P118 per share.

b. The corporation acquired 100 shares from Mario at P122 per share.

c. The corporation acquired 400 shares from Donna at P130 per share.

d. Sold the shares acquired from Alex at P118 per share cash.

e. Reissued the shares acquired from Mario at P118 per share.

f. Reissued the shares acquired from Donna at P135 per share.

Required - Prepare the journal entries to record the aforementioned transactions.

Reference no: EM132858826

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