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Prepare the journal entries to record each transactions

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Reference no: EM132940557

Question - Prepare the journal entries to record each of the following transactions under the memorandum entry method and present the shareholders' equity section:

Feb 1 Best Securities Corporation was granted by the SEC to issue 1,000,000 shares of stocks at a par value of P10 after it submitted its Articles of Incorporation providing among others compliance with the minimum pre-incorporation stock requirement. The articles mentioned five incorporators who subscribed at par. Two were immediately given stock certificates while the other three gave a 50% down payment.

Feb 14 Best Securities Corporation sold for cash 160,000 ordinary shares at P12 per share to various shareholders.

Mar 14 Gonzalo Enterprises received 320,000 ordinary shares from Best Securities Corporation in exchange for land with a cost of P1,750,000 but with an appraised value which twice the cost.

Apr 28 Isko Pangilinan, a lawyer, received 4,500 common shares from Best Securities for legal services rendered amounting to P50,000.

Reference no: EM132940557

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