Prepare the journal entries to record each of the following transactions under the memorandum entry method: Mar 1 Best Adajar Corporation was granted by SEC to issue 1,000,000 shares of stocks at par value of P10 after it submitted its Articles of Incorporation providing among other compliance with the minimum pre-incorporation stock requirement. Mentions herein are five incorporators who susbcribed at par. Mar 14 Best Adajar Corporation sold for cash 160,000 shares of common stock at P12 per share. Apr 14 Solis Enterprises received the maximum number of common shares from Best Adajar Corporation for land, which had a cost of P1,750,000 but was appraised at a value of P2,000,000. May 28 Byxie Wang, a lawyer, received 4,500 common shares from Best Adajar Corporation for legal services amounting to 50,000.

Prepare the journal entries to record each of the following transactions under the memorandum entry method: Mar 1 Best Adajar Corporation was granted by SEC to issue 1,000,000 shares of stocks at par value of P10 after it submitted its Articles of Incorporation providing among other compliance with the minimum pre-incorporation stock requirement. Mentions herein are five incorporators who susbcribed at par. Mar 14 Best Adajar Corporation sold for cash 160,000 shares of common stock at P12 per share. Apr 14 Solis Enterprises received the maximum number of common shares from Best Adajar Corporation for land, which had a cost of P1,750,000 but was appraised at a value of P2,000,000. May 28 Byxie Wang, a lawyer, received 4,500 common shares from Best Adajar Corporation for legal services amounting to 50,000.

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

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...

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