Bulacan Corporation was organized on June 1, 2021 with authorized share capital of 400,000, 9% preference shares with P40 par value and 500,000 ordinary shares with P30 par value. During 2021, the following selected transactions were completed. July 5 Received subscriptions for 300,000 ordinary shares at P42. A down payment of 20% was received; balance in two equal installments due September 1 and December 1. 10 Issued 1,000 ordinary shares as payment for the legal services rendered in the formation of the corporation.
Bulacan Corporation was organized on June 1, 2021 with authorized share capital of 400,000, 9% preference shares with P40 par value and 500,000 ordinary shares with P30 par value. During 2021, the following selected transactions were completed. July 5 Received subscriptions for 300,000 ordinary shares at P42. A down payment of 20% was received; balance in two equal installments due September 1 and December 1. 10 Issued 1,000 ordinary shares as payment for the legal services rendered in the formation of the corporation.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 4PA: Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par...
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