13. Matt Corporation, on April 1, was authorized to ISsuc 150,000 shares of no par value common stock. A stated value of P50 was decided upon by the Board of Directors. The following transactions took place during the first year of operation: Sold for cash 40,000 shares to the incorporators at the stated valuc. Apr. 1 20 Issued 300 shares to Mark's attorney for P19,500 legal work related to its corporate start-up and formation.

13. Matt Corporation, on April 1, was authorized to ISsuc 150,000 shares of no par value common stock. A stated value of P50 was decided upon by the Board of Directors. The following transactions took place during the first year of operation: Sold for cash 40,000 shares to the incorporators at the stated valuc. Apr. 1 20 Issued 300 shares to Mark's attorney for P19,500 legal work related to its corporate start-up and formation.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 9EB: Vishnu Company is authorized to issue 500,000 shares of $2 par value common stock. In conjunction...

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