Reference no: EM132639182
Problem - Susan Company experienced the ff. transaction during the current year.
1. Purchased machinery for P500, 000 cash.
2. Purchased land and building for P5,500, 000 cash, including an appraiser's fee of P100,000.
An appraisal indicated fair value as follows.
Land 2,000,000
Building 3,000,000
3. Invested in 5,000 shares of another entity at P100 per share. Subsequently, Susan Company exchanged the 5,000 shares for delivery equipment.
At the time of exchange, the share is quoted at 120 and the equipment has a list price of P680,000. Motor vehicle registration has paid in the amount of P3,000.
4. A certain equipment was donated by a shareholder to Susan Company. An independent appraisal of the equipment placed the fair value at P1,000,000 and the residual value at P100,000. Attorney's fees and other legal expenses amounted to P25,000.
5. Land and building acquired by issuing 60,000 shares of P100 par value.
The share is quoted at P150 on the date of exchange and the asset acquired had the ff. fair value:
Land 2,000,000
Building 5,000,000
Required - What are the journal entries to record the asset acquisition?
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