Reference no: EM132984514
Problem - Issuance of Ordinary and Preference Shares - Facturanan Corporation was organized on Jan. 1, 2007. It is authorized to issue 20,090 shares of 6%, P50 par value preference shares, and 50,000 shares of no-par ordinary shares with a stated value of P10 per share. The following stock transactions were completed during the year:
Jan. 10 Issued 10,000 ordinary shares for cash at P35 per share.
Mar. 1 Issued 10,000 preference shares for cash at P55 per share.
Apr. 1 Issued 2,500 ordinary shares for land. The asking price of the land was P90,000; the fair market value of the land was P85,000.
May 1 Issued 7,500 ordinary shares for cash at P40 per share.
Aug. 1 Issued 1,000 ordinary shares to lawyers in payment of their bill for P50,000 pertaining to services rendered in helping the company organize.
Sep. 1 Issued 500 ordinary shares for cash at P60 per share.
Nov. 1 Issued 2,000 preference shares for cash at P53 per share.
Required -
1. Journalize the transactions.
2. Post to the shareholders' equity accounts.
3. Prepare the share capital section of the shareholders' equity as at Dec. 31, 2007.
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