A Corporation has ordinary shares with P10 par value. A hew share of this stock is isued for P13 to an investor. Which of the following is correct? 1. The entity will debit ordinary shares for the par valu of P10 2. The entity will debit cash for P13 and credit gain on sale of stock for P3 if the purchaser of the stock wa already a shareholder and is simply buying addition shares. A 1 only

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