DEF Corporation was authorized to issue 500,000 shares, P50 par value ordinary share capital on April 1, 2021. The following are share capital transactions completed during the month of April: Apr 2 - Issued 125,000 shares to incorporators at par. Apr 4 - Issued 5,000 shares to Dedeng at P60 per share. Apr 10 - The corporation received a subscription for 5,000 shares at P70 per share. 50% of the subscription was collected. Apr 15 - The corporation received a subscription for 15,000 shares at P80 per share. 30% of the subscription was collected. Apr 30 - Received the balance due on the subscription last April 15 and the share certificates were accordingly issued. Requirement

DEF Corporation was authorized to issue 500,000 shares, P50 par value ordinary share capital on April 1, 2021. The following are share capital transactions completed during the month of April: Apr 2 - Issued 125,000 shares to incorporators at par. Apr 4 - Issued 5,000 shares to Dedeng at P60 per share. Apr 10 - The corporation received a subscription for 5,000 shares at P70 per share. 50% of the subscription was collected. Apr 15 - The corporation received a subscription for 15,000 shares at P80 per share. 30% of the subscription was collected. Apr 30 - Received the balance due on the subscription last April 15 and the share certificates were accordingly issued. Requirement

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 5MC

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