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On April 2, 2021, ABC Corporation issued for cash 12,000 shares of no-par ordinary shares with a stated value of P13 per share at P17. On April 17, it issued for cash 800 shares of P110-par 10% preference shares at P112.   Required: a. Prepare the journal entries for April 2 and April 17. b. Determine the total amount of investment as of April 17.

On April 2, 2021, ABC Corporation issued for cash 12,000 shares of no-par ordinary shares with a stated value of P13 per share at P17. On April 17, it issued for cash 800 shares of P110-par 10% preference shares at P112.   Required: a. Prepare the journal entries for April 2 and April 17. b. Determine the total amount of investment as of April 17.

FINANCIAL ACCOUNTING
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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 On April 2, 2021, ABC Corporation issued for cash 12,000 shares of no-par ordinary shares with a stated value of P13 per share at P17. On April 17, it issued for cash 800 shares of P110-par 10% preference shares at P112.  
Required:

a. Prepare the journal entries for April 2 and April 17.

b. Determine the total amount of investment as of April 17.

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