Item No. 8 is based on the following information: sidsy69 2970 000,001 9 Whistleblow, Inc. issued 500 ordinary shares with a par value of P 24 per share to a lawyer for the latter's legal services. The shares were in payment for the 100 hours rendered by the lawyer who billed the company P 160 per hour. On the date of share issuance, the shares were trading in the stock exchange at P 32 per share.
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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.Item No. 2 is based on the following information: Virma Corporation sold to a subscriber 500 shares of its P 30 par value ordinary shares at P 32 per share receiving a 30% down payment. 2. In recording this transaction: a. Ordinary Share Capital will be credited in the amount of P 15,000. Ordinary Share Capital will be credited in the amount of P 16,000. b. c. Ordinary Share Premium will be credited in the amount of P 4,500. d. Subscribed Ordinary Share Capital will be credited in the amount of P 15,000.The Horner Corporation has the following balance in their common shares account at January 1st 20x8: Common Shares, ? shares outstanding $14080832 The following is the journal entry recorded after reacquiring 21387 shares during the year for $336009 Common Shares $336009 Cash $336009 What was the number of common shares Horner Corporation has outstanding at January 1st 20x8? Select one: a. 14102219 b. 896246 c. 14080832 d. 658
- ABC Ltd have issued 220,000 ordinary shares at a price of £1.40 each. The shares have a nominal value of 95 pence each. What is the journal to enter this share issue into the accounting records? 7Select one: A. DR Bank £30,800,000/ CR Share capital £20,900,000/ CR Share premium £990,000 B. DR Share capital £308,000/ CR Share premium £308,000 C. DR Bank £308,000/ CR Share capital £209,000/ CR Share premium £99,000 D. DR Bank £308,000/ CR Share capital £308,000Item No. 9 is based on the following information: A corporation's liability (Notes Payable) in the amount of P 100,000 was paid by issuing its 1,000 no-par value ordinary shares with a stated value of P 90 per share. On the date of payment, the shares were selling at P 95 per share. 9. The journal entry to record the foregoing transaction would be: P 100,000 a. Notes Payable----- P 100,000 Ordinary Share Capital b. Notes Payable---- P 100,000 Ordinary Share Capital P 95,000 Ordinary Share Capital in Excess of Stated Value --- 5,000 c. Notes Payable---- P 100,000 Ordinary Share Capital P 90,000 Ordinary Share Capital in Excess of Stated Value ----- 10,000 d. Notes Payable----- P 100,000 Ordinary Share Capital - Cash P 90,000 10,000The Tiger Corp. is authorized to issue 20,000 ordinary shares with a par value of P150. During the current year, the Corporktion issued 12,000 shares for P 175 per share.. What is the journal entry to record issuance of the shares * O Dr. Cash for P2,100,000 and Credit Ordinary Shares for P 2,100,000 Dr. Cash P2,100,000 and Cr. Ordinary Shares P1,800,000 and Share Premium P300,000 Dr. Ordinary Shares for P2,100,000 and Cr. Cash forP2,100,000 Dr. Ordinary Shares P1,800,000 and Share Premium P300,000 and Cr. Cash for P2,100,000 A copy of vour responses will be emailed to the address you provided,
- Item No. 9 is based on the following information: A corporation's liability (Notes Payable) in the amount of P 100,000 was paid by issuing its 1,000 no-par value ordinary shares with a stated value of P 90 per share. On the date of payment, the shares were selling at P 95 per share. 9. The journal entry to record the foregoing transaction would be: 1.000 - P 100,000 a. Notes Payable--- --- P 100,000 Ordinary Share Capital b. Notes Payable- P 100,000 - Ordinary Share Capital P 95,000 5,000 Ordinary Share Capital in Excess of Stated Value- c. Notes Payable---- - P 100,000 Ordinary Share Capital P 90,000 Ordinary Share Capital in Excess of Stated Value ------ 10,000 d. Notes Payable---- P 100,000 srit Ordinary Share Capital P 90,000 Cash 10,000Asuoba Plc has issued 500,000 equity shares at GHc5.80 per share.All shares were subscribed and paid for. As indicated in theprospectus of the company, the subscribed shares are to be paid asfollows: GHc2.30 on application, GHc1.10 on allotment, GHc 0.70 onfirst call, GHc0.90 on second call, GHc0.50 on third call and Ghc0.30on final call.Requiredi. Pass the journal entries for the above transactionsii. Prepare the relevant ledgersNebraska Inc. issues 2,350 shares of common stock for $75,200. The stock has a stated value of $13 per share. The journal entry to record the stock issuance would include a credit to Common Stock for a.$75,200b.$44,650c.$2,350d.$30,550
- Marco Company issued 1,000 shares with P 5 par to Benn as compensation for 1,000 hours legal services performed. Benn usually bills P160 per hour for legal services. On the date of issuance, the share was trading on a public exchange at 140. By what amount should the share premium account increase as a result of the transaction? Show your solution.K Michael Corporation has the following information as of December 31 of the current year: Common Stock, $1 par value (authorized 16,261 shares) Treasury Stock (2,300 shares at cost) Common Stock Outstanding (2,600 shares) Based on the information above, how many shares of common stock are issued? A. 2,300 OB. 2,600 C. 4,900 D. 16,261 $15,000PROBLEM 1: Mr. Queen Company is authorized to issue 80,000 ordinary shares. During the current year, the company issued 25,000 shares. REQUIRED: Prepare the required entry to record the issuance of the ordinary shares under each of the following assumptions: The shares are no-par but have a stated value of P10. The total issue price was P850,000. The shares are no-par and have no stated value. They were issued to a lawyer in exchange for services rendered in connection with the organization of the corporation. The lawyer would normally charge P70,000 for these services. There is no reasonable way to determine 1. 2. the fair market value of the stock.