Jerico Corporation was organized on January 1, 2021 with authorized capital of P2,000,000 consisting of 100,000 ordinary shares, P20 par value. Subsequently, incorporators subscribed for 25,000 shares at P24. How much must be paid up upon subcription to comply with the requirement of the Securities and Exchange Commission?
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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.Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions took place during 2019, the first year of the corporations existence: Sold 5,000 shares of common stock for 18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at 100,000. At the end of Carys first year, total contributed capital amounted to: a. 40,000 b. 90,000 c. 100,000 d. 190,000
- Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000Knicks Corporation was organized on January 1, 2018 with authorized capital of P 2,000,000, P 20 par value. Subsequently, incorporators subscribed for 25,000 shares at P 24. How much must be paid up upon subscription to comply with the requirement of the Securities and Exchange Commission?Lacoste Inc., was organized on January 2, 2019 with a total authorized capital of P 2,000,000, P 20 par value. Subsequently, incorporators subscribed for 25,000 shares at P 24. How much must be paid up upon subscription to comply with the requirement of the Securities and Exchange Commission?
- M. Suave Inc. was organized on January 1, 2018 with authorized ordinary share capital of P 2.000,000, P 50 par value. Subsequently, incorporators subscribed for 25,000 ordinary shares at P 54. How much must be paid up upon subscription to comply with the requirement of the SEC?2. Knicks Corporation was organized on January 1, 2018 with authorized capital of P 2,000,000, P 20 par value. Subsequently, incorporators subscribed for 25,000 shares at P 24. How much must be paid up upon subscription to comply with the requirement of the Securities and Exchange Commission?Required to answer. Single choice. a. P125,000 b. P500,000 c. P600,000 d. P150,0003. On June 1, 2015, Golden Warriors Corporation declared a share capital dividend entitling its shareholders to one additional share for each share held. At the time the dividend was declared, the market value was P 100 per share and the par value was P 50 per share. On this date, Golden had 65,000 shares issued and 5,000 shares in the treasury. What entry should Golden make to record this June 1 transaction?Required to answer. Single choice. a. debit Retained earnings-P6,000,000; credit Share Capital Dividend Distributable-P3,000,000; credit Paid in Capital from Share CapitalDividends-P3,000,000…On October 1, 2021, ATN Corporation, a newly formed company had the following shares issued and outstanding: Preference shares, P50 par, 6,000 shares originally issued at P100; Ordinary share P20 par,20,000 shares originally issued at P60. ATN shareholders' equity should report preference share capital, ordinary share capital and paid-in capital in excess of par, respectively at: a.) P600,000, P1,200,000 0 b.) P300,000, P1,200,000 P300,000 c.) P300,000, P400,000 P1,100,000 d.) P600,000, P400,000 P800,000 SHOW COMPLETE SOLUTION
- An entity was incorporated on June 1, 2021 with an authorized 200,000, no-par, ordinary shares, stated value P10 and 10,000, 9% par value P30, preference shares. Transactions affecting company's equity as of June 30, 2021 were as follows: June 1 June 5 June 15 June 25 50,000 ordinary shares were issued at P10. Assets with a total appraised value of P600,000 were acquired in exchange for 50,000 ordinary shares. Subscriptions were received for 100,000 ordinary shares at P15 and for 5,000 preference shares at P35. Payments in full for the ordinary and preference shares subscribed June 15 were received and the corresponding shares were issued. The total shareholders' equity as of June 30, 2021 is a. P2,875,000 b. P2,775,000 C. P2,750,000 d. P2,300,000“The N” Corporation is authorized to issue 100,000 ordinary shares, P17 par value. At the beginning of 2019, 18,000 ordinary shares were issued and outstanding. These shares had been issued at P24. During 2019, the company entered into the following transactions: Jan. 16 Issued 1,300 ordinary shares at P25 per share Mar. 21 Exchanged 12,000 ordinary shares for a building. The ordinary shares were selling at P27 per share. The building had a carrying amount of P412,000. Jul. 1 Accepted subscriptions to 1,000 ordinary shares at P28 per share. The contract called for 10% down payment with the balance due on December 1. Sept. 20 Sold 500 treasury shares with cost of P26 per share at P29 per share. Dec. 1 Collected the balance due on July 1 subscriptions and issued the shares. Compute for the total contributed capital for December 31, 2019.1. Edguy Company was organized on January 1, 2019. On that date, it issued 200,000 ordinary shares of P10 par value at P15 per share. The entity was authorized to issue 400,000 ordinary shares. During the period January 1, 2019 through December 31, 2020, the entity reported net income of P750,000 and paid cash dividend of P380,000. On January 5, 2020, the entity purchased 12,000 ordinary shares at P12 per share. On December 31, 2020, 8,000 treasury shares were sold at P8 per share and the remaining treasury shares were retired. The entity used the cost method of accounting for treasury shares. What amount should be reported as total shareholders' equity on December 31, 2020? * Your answer