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Prepare journal entries to record authorized share capital

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Question - The Honesty Corporation was organized on April 1, 2014 with authorized share capital of 500,000 ordinary shares, par value of P20. Thereafter, the following transactions took place:

April 1 The incorporators acquired 200,000 shares at P36 per share.

April 25 Issued 5,000 shares for the services rendered by the lawyer during the period of incorporation. The fair value of such services is P150,000.

May 28 Issued 15,000 shares in exchange for equipment valued at P400,000.

Instructions - Prepare journal entries to record authorized share capital and the subsequent transactions assuming the corporation uses the:

a. memorandum entry method

b. journal entry method

Reference no: EM132565054

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