29. The Corazon Corporation it authorized to isue 100,000 shares at P20 par ordinary shares At the beginning of 2020, 18.000 ordinary shores were isued and outstanding. These shares had been hsued at P27 per share. During 20, the company entered into the folowing transoctione January 4 March 19 ued 1.300 ordinary sharet at P28 per share. Exchanged 12,000 ordinary shares for a mochine. The ordinary share was seling at P30 per share. Reacquired ordiniary shates at P29 per share, May 9 July 19 Accepted subscriptions for 1.000 ordinory shars at P31 per shae. The contract caled Inr 105 down pnyment with the holnnce dun on Derember 1 Septermber 4 Soid 500 of trmasury shares of P32 per share. December 1 Collected the bakance due on July 19 sutscriptions and iswed the stock certificate. How much is the total contrituted copital for December 31, 2020

29. The Corazon Corporation it authorized to isue 100,000 shares at P20 par ordinary shares At the beginning of 2020, 18.000 ordinary shores were isued and outstanding. These shares had been hsued at P27 per share. During 20, the company entered into the folowing transoctione January 4 March 19 ued 1.300 ordinary sharet at P28 per share. Exchanged 12,000 ordinary shares for a mochine. The ordinary share was seling at P30 per share. Reacquired ordiniary shates at P29 per share, May 9 July 19 Accepted subscriptions for 1.000 ordinory shars at P31 per shae. The contract caled Inr 105 down pnyment with the holnnce dun on Derember 1 Septermber 4 Soid 500 of trmasury shares of P32 per share. December 1 Collected the bakance due on July 19 sutscriptions and iswed the stock certificate. How much is the total contrituted copital for December 31, 2020

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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29. The Corazon Corporation is authorized to issue 100,000 shares at P20 par ordinary shares. At the beginning of 2020, 18.000 ordinary shares were issued and outstanding. These shares had been issued at P27 per share. During 2020, the company entered into the following transactions: January 4 March 19 Issued 1,300 ordinary shares at P28 per share. Exchanged 12.000 ordinary shares for a machine. The ordinary share was selling at P30 per share. Reacquired ordinary shares at P29 per share. Accepted subscriptions for 1,000 ordinary shares at P31 per share. The contract called for 10% down payment with the balance due on December 1. May 9 July 19 September 4 Sold 500 of treasury shares at P32 per share. December 1 Collected the balance due on July 19 subscriptions and issued the stock certificate. How much is the total contributed capital for December 31, 2020?
Endless Company provided the following shareholders Problem 18-2 (ACP) equity on December 31, 2021: Preference share capital, l12% P100 par Ordinary share capital, P100 Share premium Retained earnings 1,000,000 4,000,000 2,000,000 1,000,000 Dividends have been paid on the preference share un in December 31, 2019. Required: Compute the book value per ordinary share and pen preference share under each of the following conditions with respect to preference share: a. Cumulative and fully participating b. Cumulative and fully participating after ordinary share receives 15%: c. Cumulative and participating up to l16% d. Cumulative and nonparticipating e. Noncumulative and nonparticipating
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Jamaica Corp. organized on June 1,2020, was authorized to issue shares as follows: 9%, 800,000, P100 par, convertible preference shares 2,000,000, P2.50 par value, ordinary shares During the remainder of the fiscal year ended May 31,2021, the following transactions were completed in the order given: 240,000 preference shares were subscribed for at P105, and 720,000 ordinary shares were subscribed for at P26. Both subscriptions were payable 30% upon subscription, the balance in one payment. The second subscription payment was received, except one subscriber for 48,000 ordinary shares defaulted on payment. The full amount paid by this subscriber was returned, and all of the fully paid shares was issued. 120,000 ordinary shares were reacquired by purchase at P28. Each preference share was converted into four ordinary shares. The treasury shares were exchanged for machinery with a fair value market value of P3,440,000. There was a 2 for 1 split and the par value of the new ordinary…
APPLE Company was organized at the beginning of the current year and was authorized to issue sharecapital of 200,000 ordinary shares with par value of ₱20. The following transactions occurred duringthe year:• Received subscriptions at par value from incorporators equal to 45% of the authorized sharecapital• Received 60% down payment on the subscriptions from the incorporators• Received full payment on 50,000 shares originally subscribed• An equipment was acquired by issuing 5,000 shares. Share are currently traded at this timeat ₱25/share.• Received subscriptions to 10,000 shares at ₱28/share• Partially collected 50% of the amount subscribed on the latest subscriptions.• Collected in full 90% of the latest subscription. 10% defaulted, thus the corporation offered theshares on a public auction and awarded it to the highest bidder who paid the delinquencybalance and the incurred ₱5,000 auction expense.• Net income for the year-ended was ₱800,000. 1. How much did the highest bidder…
On July 20, 2021, the XYZ Corporation received subscription for 5,000 shares of its P10 par value ordinary share capital at P15. How much should be credited to Ordinary Share Capital Subscribed? a.) P125,000 b.) P 75,000 c.) P 25,000 d.) P 50,000 SHOW COMPLETE SOLUTION
1. A company received 3,000, P10 par ordinary shares from one of its shareholders. In the same year the company reissued the shares at P15 per share. If the fair value of the shares was P13 at the date of donation, what amount was credited to the donated capital account when the shares were reissued? 2. In 2021, a company issued 6% bonds with a maturity value of P40,000, together with 1,000 shares of its P10 par value ordinary share, for a combined cash amount of P150,000. The market value of a company’s share on that date cannot be ascertained. If the bonds were issued separately, they would have been sold for P35,000 on an 8% yield to maturity basis. Determine the increase in share premium as a result of this transaction.3. In 2021, a company issued 1,000,000 no-par value ordinary shares for P1.15 per share. The stated value of the shares is P1. Also, during the year, some potential shareholders of the company subscribed for 800,000 of the same ordinary shares for P1.20 per share…
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ABC Company was incorporated on January 1,2021. The following are the ordinary share transactions during the year: Jan. 1 Feb. 2 June 1 Dec 1 150,000 O 110,000 What is the number of ABC Corp.'s ordinary share outstanding at December 31, 2020? 120,000 number of shares authorized number of shares issued number of shares reacquired but not retired 2 for 1 share split O 115,000 80,000 60,000 5,000
29. The Corazon Corporation is authorized to issue 100,000 shares at P20 par ordinary shares. At the beginning of 2020, 18,000 ordinary shares were issued and outstanding. These shares had been issued at P27 per share. During 2020, the company entered into the following transactions: Issued 1,300 ordinary shares at P28 per share. Exchanged 12,000 ordinary shares for a machine. The ordinary share was selling at P30 January 4 March 19 per share. Reacquired ordinary shares at P29 per share. Accepted subscriptions for 1,000 ordinary shares at P31 per share. The contract called for 10% down payment with the balance due on December 1. May 9 July 19 September 4 Sold 500 of treasury shares at P32 per share. December 1 Collected the balance due on July 19 subscriptions and issued the stock certificate. How much is the total contributed capital for December 31, 2020?
AB Co issues 5.000 50c shares for $6.000. Required: What are the amounts for share capital and share premium in the statement of financial position?
3. Akea Corp., reports this journal entry on May 15, 2020: Cash 75,000 Ordinary Share Capital 63,000 Paid in Capital in Excess of Par 12,000 The explanation reads. “Issued ordinary share capital for P50 per share”. Compute the no. of shares issued for this transaction?