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Problem 20-6 (IAA)- Timber Company presented a statement of financial position containing the following accounts among others: Subscriptions receivable-preference Subscriptions receivable-ordinary Preference share capital, P100 par, authorized 100,000 shares, issued and outstanding 22,000 shares C Preference share capital subscribed, 2,000 shares Ordinary share capital, P10 par value, authorized 200,000 shares, issued and outstanding 24,000 shares Share premium - preference Share premium - ordinary 120,000 360,000 2,200,000 200,000 Problem 20-70 At the beginning operations and shares of P100 p shares of 10% P The following occurred durin 240,000 Jan. 1 Issu 240,000 exc 80,000 ser 950,000 ΤΗ th Ordinary share capital subscribed, 24,000 shares 6 The corporation was organized at the beginning of current year and immediately received subscriptions to 20,000 preference shares. Subscriptions to ordinary shares were received on the same date. During the current year, subscriptions were received for an additional 4,000 preference shares at a price of P120 per share. Cash payments were received from subscribers at frequent intervals for several months after subscription. The entity followed a policy of issuing share certificates only when subscribers had paid in full. During the year, the entity issued 8,000 ordinary shares in exchange for a tract of land with a fair value of P230,000. Required: a. Prepare journal entries for all the transactions carried out during the year as indicated by the account balances. b. Compute the amount of contributed capital for each class of share capital at year-end. 680 Feb. 20 Mar. 1 Apr.

Problem 20-6 (IAA)- Timber Company presented a statement of financial position containing the following accounts among others: Subscriptions receivable-preference Subscriptions receivable-ordinary Preference share capital, P100 par, authorized 100,000 shares, issued and outstanding 22,000 shares C Preference share capital subscribed, 2,000 shares Ordinary share capital, P10 par value, authorized 200,000 shares, issued and outstanding 24,000 shares Share premium - preference Share premium - ordinary 120,000 360,000 2,200,000 200,000 Problem 20-70 At the beginning operations and shares of P100 p shares of 10% P The following occurred durin 240,000 Jan. 1 Issu 240,000 exc 80,000 ser 950,000 ΤΗ th Ordinary share capital subscribed, 24,000 shares 6 The corporation was organized at the beginning of current year and immediately received subscriptions to 20,000 preference shares. Subscriptions to ordinary shares were received on the same date. During the current year, subscriptions were received for an additional 4,000 preference shares at a price of P120 per share. Cash payments were received from subscribers at frequent intervals for several months after subscription. The entity followed a policy of issuing share certificates only when subscribers had paid in full. During the year, the entity issued 8,000 ordinary shares in exchange for a tract of land with a fair value of P230,000. Required: a. Prepare journal entries for all the transactions carried out during the year as indicated by the account balances. b. Compute the amount of contributed capital for each class of share capital at year-end. 680 Feb. 20 Mar. 1 Apr.

Accounting (Text Only)
Accounting (Text Only)
26th Edition
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter15: Investments And Fair Value Accounting
Section: Chapter Questions
Problem 15.4CPP: Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31,...
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hello! can someone answer and explain the solution to me. i badly needed this for my report tomorrow (August 24, 2024)
Problem 20-6 (IAA)- Timber Company presented a statement of financial position containing the following accounts among others: Subscriptions receivable-preference Subscriptions receivable-ordinary Preference share capital, P100 par, authorized 100,000 shares, issued and outstanding 22,000 shares C Preference share capital subscribed, 2,000 shares Ordinary share capital, P10 par value, authorized 200,000 shares, issued and outstanding 24,000 shares Share premium - preference Share premium - ordinary 120,000 360,000 2,200,000 200,000 Problem 20-70 At the beginning operations and shares of P100 p shares of 10% P The following occurred durin 240,000 Jan. 1 Issu 240,000 exc 80,000 ser 950,000 ΤΗ th Ordinary share capital subscribed, 24,000 shares 6 The corporation was organized at the beginning of current year and immediately received subscriptions to 20,000 preference shares. Subscriptions to ordinary shares were received on the same date. During the current year, subscriptions were received for an additional 4,000 preference shares at a price of P120 per share. Cash payments were received from subscribers at frequent intervals for several months after subscription. The entity followed a policy of issuing share certificates only when subscribers had paid in full. During the year, the entity issued 8,000 ordinary shares in exchange for a tract of land with a fair value of P230,000. Required: a. Prepare journal entries for all the transactions carried out during the year as indicated by the account balances. b. Compute the amount of contributed capital for each class of share capital at year-end. 680 Feb. 20 Mar. 1 Apr.
Transcribed Image Text:Problem 20-6 (IAA)- Timber Company presented a statement of financial position containing the following accounts among others: Subscriptions receivable-preference Subscriptions receivable-ordinary Preference share capital, P100 par, authorized 100,000 shares, issued and outstanding 22,000 shares C Preference share capital subscribed, 2,000 shares Ordinary share capital, P10 par value, authorized 200,000 shares, issued and outstanding 24,000 shares Share premium - preference Share premium - ordinary 120,000 360,000 2,200,000 200,000 Problem 20-70 At the beginning operations and shares of P100 p shares of 10% P The following occurred durin 240,000 Jan. 1 Issu 240,000 exc 80,000 ser 950,000 ΤΗ th Ordinary share capital subscribed, 24,000 shares 6 The corporation was organized at the beginning of current year and immediately received subscriptions to 20,000 preference shares. Subscriptions to ordinary shares were received on the same date. During the current year, subscriptions were received for an additional 4,000 preference shares at a price of P120 per share. Cash payments were received from subscribers at frequent intervals for several months after subscription. The entity followed a policy of issuing share certificates only when subscribers had paid in full. During the year, the entity issued 8,000 ordinary shares in exchange for a tract of land with a fair value of P230,000. Required: a. Prepare journal entries for all the transactions carried out during the year as indicated by the account balances. b. Compute the amount of contributed capital for each class of share capital at year-end. 680 Feb. 20 Mar. 1 Apr.
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