1: The following accounts appear in the trial balance of DAVAO EAGLE Corporation as of December 31, 2019: Redeemable Preference Share Capital, par P100, authorized 50,000 P1,700,000 shares Subscribed Preference Share Capital Subscription Receivable, Preference Shares Authorized Ordinary Share Capital, P100 stated value Unissued Ordinary Share Capital Ordinary Share Premium Preference Share Premium 200,000 150,000 1,000,000 500,000 55,000 300,000 60,000 Treasury Shares (500 ordinary shares) Direction: For each class of stock, compute for the authorized number of shares, issued shares, unissued shares, issued and outstanding shares, subscribed shares, still available for subscription, legal capital.
To continue in no. 13 (it is in the picture), assume the following transactions took place during 2020:
Jan. 10 - One-half of the subscriptions receivable were collected and certificates of stock issued for 1,000 shares.
20 - Remaining subscriptions were declared delinquent and the corresponding chares put up for public auction. Advertising paid, P5,500. 25 - A bidder for 300 shares paid the amount due plus accrued interest of P750 and the corresponding certificates were issued.
31 - A stockholder received 2,000
Feb. 8 - 300 treasury shares were sold for P45,000
20 - A shareholder paid P70,000 for 500 common shares.
28 - 5,000 preferred shares were redeemed at a price of P120 per share
Mar. 1 - 100 treasury shares were sold for P10,000.
Direction:
1) Prepare a table tracking down the movement of the stocks, one each for the preferred and common. Start with the December 31 balances.
2)
3) Prepare the shareholders' equity section as of March 31, 2016.
4) For each class of stock, answer the same requirements as in Exercise 13.
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