On June 1, 2006, Nazario Corporation received authorization to issue up to 60,000 shares of P10 par value preference shares that pays a 9% cumulative dividend. The company is also authorized to issue up to 300,000 ordinary shares that has a P2 par value. The company then completed these transactions over the next three months: June 9 23 Accepted subscriptions to 45,000 ordinary shares at PS per share. The subscribers cach made down payments of 30% of the subscription price. The balance is duc on August 9. Issued 3,000 ordinary shares to the corporation's promoters for their services in organizing the corporation. The board valued the services at P15,000.
On June 1, 2006, Nazario Corporation received authorization to issue up to 60,000 shares of P10 par value preference shares that pays a 9% cumulative dividend. The company is also authorized to issue up to 300,000 ordinary shares that has a P2 par value. The company then completed these transactions over the next three months: June 9 23 Accepted subscriptions to 45,000 ordinary shares at PS per share. The subscribers cach made down payments of 30% of the subscription price. The balance is duc on August 9. Issued 3,000 ordinary shares to the corporation's promoters for their services in organizing the corporation. The board valued the services at P15,000.
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 8SPA: STOCK SUBSCRIPTIONS Juneau Associates had the following stock transactions during the year: (a)...
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