Fernando Corporation is authorized to issue 400,000 shares of P85 par value ordinary shares. Journalize the following transactions. Feb. 10 Sold 75,000 of ordinary shares at P86 per share; received cash. Feb. 27 Issued 21,000 shares of ordinary shares in exchange for land with a fair market value of P920,000 and a building with a fair market value of P1,087,500. Mar. 3 Sold 28,000 shares of ordinary shares at P86.50 per share; received cash.

Fernando Corporation is authorized to issue 400,000 shares of P85 par value ordinary shares. Journalize the following transactions. Feb. 10 Sold 75,000 of ordinary shares at P86 per share; received cash. Feb. 27 Issued 21,000 shares of ordinary shares in exchange for land with a fair market value of P920,000 and a building with a fair market value of P1,087,500. Mar. 3 Sold 28,000 shares of ordinary shares at P86.50 per share; received cash.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 7EB: Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the...

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