1. Business
  2. Accounting
  3. and reporting 2 chapter 5corporation orgn amp share trx name...

Question: and reporting 2 chapter 5corporation orgn amp share trx name...

Question details

and Reporting 2 Chapter 5:Corporation: Orgn & Share Trx Name: Subject and section: Score: Professor Exercise 5.5 Sunrise Corporation, a food company, was established on January 2.2018. It is authorized to issue 100,000 shares of 6%, P50 par value preference shares, and 600,000 shares of no par value ordinary shares with a stated value of P5 per share. It made the following share transactions during the year. Issued 120,000 ordinary shares for cash at P6 per share. Feb. 12 Mar. 2 Issued 30,000 preference shares at par for cash. Mar. 24 Issued 100,000 ordinary shares for a piece of land as future building site. The asking price for the land was P700,000. The fair value was P600,000. Issued 200,000 ordinary shares for cash at P7 per share. Apr. 18 Nov. 15 Issued 10,000 preference shares for cash at P54 per share. Required: A Journalize the foregoing transactions. Depare the share capital section of the stockholders equity as of December 31, 2018.
Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution