Provide necessary journal entries under memorandum method

Reference no: EM132834981

Question - On January 1, 20x1, COMMISERATE CONDOLE Co. received authorization from the SEC to issue share capital of 2,000,0000 divided into 20,000 shares with par value per share of 100. Of the total authorized share capital, 25% was subscribed at par value and 25% of the total subscription was paid at subscription date. On February 1, 20x1, COMMISERATE received full payment for 4,000 subscribed shares and issued the related share certificates. On February 28, 20x1, COMMISERATE received cash subscription for 2,000 shares at par value.

Requirements -

a. Provide the necessary journal entries under (1) memorandum method and (2) journal entry method.

b. Prepare the share capital portion of COMMISERATE's statement of financial position as of February 28, 20x1.

Reference no: EM132834981

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