Homework Help is Here – Start Your Trial Now!
Business
Accounting
Papaya Corporation issued its 3,000 ordinary shares in exchange for land which has a fair market value of P350,000. The par value per share is P100 while the market value per share is P120. Q-23 - How much amount of share premium that Papaya Corporation should recognize? c) P60,000 a) P20,000 b) P50,000 d) P70,000

Papaya Corporation issued its 3,000 ordinary shares in exchange for land which has a fair market value of P350,000. The par value per share is P100 while the market value per share is P120. Q-23 - How much amount of share premium that Papaya Corporation should recognize? c) P60,000 a) P20,000 b) P50,000 d) P70,000

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 6MCQ: Ames Corporation repurchases 10,000 shares of its common stock for $12 per share. The shares were...
See similar textbooks
icon
Related questions
Question
100%
7-7 Papaya Corporation issued its 3,000 ordinary shares in exchange for land which has a fair market value of P350,000. The par value per share is P100 while the market value per share is P120. Q-23 - How much amount of share premium that Papaya Corporation should recognize? a) P20,000 P50,000 c) P60,000 d) P70,000 b) 7-8 Melon Corporation issued its 1,000 ordinary shares for legal services in forming the said corporation. The par value per share is P100 and the fair market value is P130. The cost of the services is not known. Q-24 How much would be debited to legal expenses? a) P100,000 b) P130,000 7-9 The account below appears in the December 31, 20A trial balance of Metro Cagayan Sales Corporation: Authorized Ordinary Share Unissued Ordinary Share Subscribed Ordinary Share Subscription Receivable-Ordinary Share Premium a) P4,900,000 b) P5,100,000 c) P140,000 d) P150,000 Accumulated Profits (Losses) Unappropriated Accumulated Profits (Losses) Appropriated Treasury Share at Cost P5,000,000 2,000,000 1,000,000 400,000 500,000 c) F5,500.000 .) PS,600,000 600,000 300,000 Q-25 In its December 31,20A Balance Sheet, Metro Cagayan Sales Corporation should report total shareholders' equity of- 100,000
Transcribed Image Text:7-7 Papaya Corporation issued its 3,000 ordinary shares in exchange for land which has a fair market value of P350,000. The par value per share is P100 while the market value per share is P120. Q-23 - How much amount of share premium that Papaya Corporation should recognize? a) P20,000 P50,000 c) P60,000 d) P70,000 b) 7-8 Melon Corporation issued its 1,000 ordinary shares for legal services in forming the said corporation. The par value per share is P100 and the fair market value is P130. The cost of the services is not known. Q-24 How much would be debited to legal expenses? a) P100,000 b) P130,000 7-9 The account below appears in the December 31, 20A trial balance of Metro Cagayan Sales Corporation: Authorized Ordinary Share Unissued Ordinary Share Subscribed Ordinary Share Subscription Receivable-Ordinary Share Premium a) P4,900,000 b) P5,100,000 c) P140,000 d) P150,000 Accumulated Profits (Losses) Unappropriated Accumulated Profits (Losses) Appropriated Treasury Share at Cost P5,000,000 2,000,000 1,000,000 400,000 500,000 c) F5,500.000 .) PS,600,000 600,000 300,000 Q-25 In its December 31,20A Balance Sheet, Metro Cagayan Sales Corporation should report total shareholders' equity of- 100,000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
EBK CFIN
EBK CFIN
Finance
ISBN:
9781337671743
Author:
BESLEY
Publisher:
CENGAGE LEARNING - CONSIGNMENT
SWFT Corp Partner Estates Trusts
SWFT Corp Partner Estates Trusts
Accounting
ISBN:
9780357161548
Author:
Raabe
Publisher:
Cengage
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage
SEE MORE TEXTBOOKS