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
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
2. Prepare the lead schedule
3. Prepare the
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