1. Honizon Co. was incorporated in 20x1. The following were the Jan. 31 Received full payment for 120,000 subscribed shares Memo entry method transactions: 6 Received authorization from the SEC to issue share capital of P3,000,0000 divided into 600,000 shares with par value per share of P5. Tan, 6 25% of the authorized capitalization was subscribed at par value and 25% of the total subscription was paid. Jart, 31 Received full payment for 120,000 subscribed shares and issued the related share certificates. Fet. 14 Received cash subscription for 60,000 shares at P20 per share. Share issuance costs of P12,000 were incurred. Feb. 28 Received subscription for 150,000 shares at P25 per share. Raquirements: Provide the journal entries under (1) memorandum method and (2) journal entry method. A Prepare the share capital portion of Horizon Co.'s statement of financial position as of February 28, 20x1.

1. Honizon Co. was incorporated in 20x1. The following were the Jan. 31 Received full payment for 120,000 subscribed shares Memo entry method transactions: 6 Received authorization from the SEC to issue share capital of P3,000,0000 divided into 600,000 shares with par value per share of P5. Tan, 6 25% of the authorized capitalization was subscribed at par value and 25% of the total subscription was paid. Jart, 31 Received full payment for 120,000 subscribed shares and issued the related share certificates. Fet. 14 Received cash subscription for 60,000 shares at P20 per share. Share issuance costs of P12,000 were incurred. Feb. 28 Received subscription for 150,000 shares at P25 per share. Raquirements: Provide the journal entries under (1) memorandum method and (2) journal entry method. A Prepare the share capital portion of Horizon Co.'s statement of financial position as of February 28, 20x1.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 3CE: Prepare general journal entries for the following transactions of GOTE Company: (a) Received...

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Juniper Company is authorized to issue 5,000,000 shares of $2 par value common stock. In conjunction with its incorporation process and the IPO, the company has the following transaction: Mar. 1, issued 4,000 shares of stock in exchange for equipment worth $250,000. Journalize the transaction.
Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.
Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
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Please provide complete solution: Gold Company was organized with authorized share capital of 100,000 shares of P200,000 par value. The entity had the following transactions: a.) Issuance of 25,000 shares at P230 a share. b.) Issuance of 1,000 shares for legal services when the fair value was P250 a share. c.) Issuance of 5,000 shares for a tract of land when the fair value was P265 a share. What amount should be reported for share premium?