An entity was organized at the beginning of the current year with 100,000 authorized shares of P100 par value. During the current year, the following transactions occurred: January 1 February 1 Sold 30,000 shares at P150 per share Issued 2,000 shares for legal services with a fair value of P250,000. The shares on this date are quoted at P140 per share purchased 5,000 treasury shares at March 1 cost of P120 per a share October 31 issued P5,000,000 convertible bonds at are quoted at 98 without he conversion feature. Declared a 2-for-1 share split when the market value of 120. The bonds November 15 the share was P160 December 15 Sold 10,000 shares at P75 per share The net income for the year was P2,000,000 December 31

An entity was organized at the beginning of the current year with 100,000 authorized shares of P100 par value. During the current year, the following transactions occurred: January 1 February 1 Sold 30,000 shares at P150 per share Issued 2,000 shares for legal services with a fair value of P250,000. The shares on this date are quoted at P140 per share purchased 5,000 treasury shares at March 1 cost of P120 per a share October 31 issued P5,000,000 convertible bonds at are quoted at 98 without he conversion feature. Declared a 2-for-1 share split when the market value of 120. The bonds November 15 the share was P160 December 15 Sold 10,000 shares at P75 per share The net income for the year was P2,000,000 December 31

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 9EB: Vishnu Company is authorized to issue 500,000 shares of $2 par value common stock. In conjunction...

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Vishnu Company is authorized to issue 500,000 shares of $2 par value common stock. In conjunction with its incorporation process and the IPO, the company has the following transaction: Apr. 10, issued 1,000 shares of stock for legal services valued at $15,000. Journalize the transaction.
Juniper Company is authorized to issue 5,000,000 shares of $2 par value common stock. In conjunction with its incorporation process and the IPO, the company has the following transaction: Mar. 1, issued 4,000 shares of stock in exchange for equipment worth $250,000. Journalize the transaction.
An entity was organized at the beginning of current year with 100,000 authorized shares of P100 par value. During the current year, the following transactions occurred:January 1 Sold 30,000 shares at P150 per shareFebruary 1 Issued 2,000 shares for legal services with fair value of P250,000. The shares on this date are quoted at P140 per share.March 1 Purchased 5,000 treasury shares at a cost of P120 per share.October 1 Issued P5,000,000 convertible bonds at 120. The bonds are quoted at 98 without the conversion feature.November 15 Declared a 2 for 1 share split when the market value of the share was P160.December 15 Sold 20,000 shares at P75 per share.December 31 The net income for the year was P2,000,0000. 1. Prepare the journal entries.2. Prepare the lead schedule 3. Prepare the stockholders equity section
An entity was organized at the beginning of current year with 100,000 authorized shares of P100 par value. During the current year, the following transactions occurred: January 1 Sold 30,000 shares at P150 per share February 1 Issued 2,000 shares for legal services with fair value of P250,000. The shares on this date are quoted at P140 per share. March 1 Purchased 5,000 treasury shares at a cost of P120 per share. October 1 Issued P5,000,000 convertible bonds at 120. The bonds are quoted at 98 without the conversion feature. November 15 Declared a 2 for 1 share split when the market value of the share was P160. December 15 Sold 20,000 shares at P75 per share. December 31 The net income for the year was P2,000,0000. What amount should be reported as share capital at year-end? What amount should be recognized as share premium at year-end? What is the total shareholders’ equity at year-end? How many shares are outstanding at…
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Item Nos. 12 and 13 are based on the following information:ddet01oM mat Bravo Company was organized at the beginning of this year with dones authorized capital of 100,000 ordinary shares with a par value of P 200 per hatini share. During the year, Bravo had the following transactions affecting the shareholders' equity: 01 Fon Jan. 10 Issued 25,000 shares at P 220 per share. .000 Mar. 25 Issued 1,000 shares for legal services when the fair value was P 240 per share. dw.or Sep. 30 Issued 5,000 shares for a tract of land when the fair value was P 260 per share.