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Prepare the entries to record the financial reorganization

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Question 1: Tsui Corporation went through a financial reorganization by writing down its buildings by $107,000 and eliminating its deficit, which was $182,000 before the reorganization. As part of the reorganization, the creditors agreed to take back 55% of the common shares in lieu of payment of the debt of $1.8 million (notes payable). Prepare the entries to record the financial reorganization assuming that Tsui follows ASPE.

Journal entries for the following:

1. To eliminate deficit with write-down of buildings
2. To eliminate deficit against contributed capital
3. To eliminate notes payable by issuance of common shares

Reference no: EM132650539

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