Reference no: EM132594164
Question A. Beloved Company was incorporated on January 1, 2020 with a authorized share capital of 300,000 shares at P20 par value. Record the transactions completed during the months of January and February.
a. The incorporators subscribed to twenty five percent of the authorized share capital and paid 25% of the subscription price.
b. Beloved Company issued 10,000 shares for cash of P22 per share.
c. Beloved issued 20,000 shares in exchange of a piece of land amounting to P500,000.
d. The incorporators paid the balance of the subscription.
e. Beloved issued an additional 50,000 shares at P25 per share.
Answer the following question:
1. How much is the outstanding shares?
2. How much is the subscription receivable?
3. How much is the total contributed capital?
Question B. The following is a list of selected account balances taken from December 31, 2020 general ledger of Marcelo Corporation:
Accounts Payable P 1,400,000
Accounts Receivable 2,357,000
Ordinary Share Capital 1,260,000
Share Premium-Ordinary Share 1,087,750
Share Premium-Preference Share 92,100
Preference Share Capital 500,000
Subscribed Preference Share 140,000
Retained Earnings 191,950
Subscription Receivable-Preference Share 105,000
1. What is the total contributed capital for Marcelo Corporation at December 31, 2020?
2. What is the total shareholder's equity of Marcelo Corporation as of December 31, 2020?
3. Prepare the shareholder's equity section of Marcelo Corporation as of December 31, 2020.
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