An entity was organized at the beginning of current year with 100,000 authorized shares of P100 par value. During the current year, the following transactions occurred: January 1 Sold 30,000 shares at P150 per share February 1 Issued 2,000 shares for legal services with fair value of P250,000. The shares on this date are quoted at P140 per share. March 1 Purchased 5,000 treasury shares at a cost of P120 per share. October 1 Issued P5,000,000 convertible bonds at 120. The bonds are quoted at 98 without the conversion feature. November 15 Declared a 2 for 1 share split when the market value of the share was P160. December 15 Sold 20,000 shares at P75 per share. December 31 The net income for the year was P2,000,0000. 1. Prepare the journal entries. 2. Prepare the lead schedule 3. Prepare the stockholders equity section

Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 45,000 shares at $11 share. Jun. 10 Issued 110,000 shares in exchange for land with a clearly determined value of $850,000. Aug. 3 Purchased 11,000 shares of treasury stock at $8 per share. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31   fill in the blank fill in the blank     fill in the blank fill in the blank     fill in the blank fill in the blank Jun. 10   fill in the blank fill in the blank     fill in the blank fill in the blank     fill in the blank fill in the blank Aug. 3   fill in the blank fill in the blank     fill in the blank fill in the blank B. Calculate how many shares of stock are outstanding at August 3. fill in the blank  ________shares

On January 1, Vermont Corporation had 36,300 shares of $9 par common stock issued and outstanding. All 36,300 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 1,000 shares of treasury stock for $27 per share and later sold the treasury shares for $21 per share on March 1. The entry to journalize the purchase of the treasury shares on February 1 would include a O a. debit to a loss account for $5,000. b. credit to Treasury Stock for $27,000. c. credit to a gain account for $5,000. d. debit to Treasury Stock for $27,000.

When incorporated Y Ltd. Issued 2,000 common shares to A for dollar 2,000. In year 2, Y Ltd. issued 1,600 additional common shares to B for dollar 16,000, the market value of the shares at that date. What is the total paid up capital of the common shares owned by A?