Problem #5 Issuance of Ordinary and Preference Shares On July 2, 2018, Victorino Corporation issued for cash 12,000 shares of no-par ordinary shares with a stated value of P13 per share at P17. On July 17, it issued for cash 800 shares of P110-par 10% preference shares at P112. Required: 1. Prepare the journal entries for July 2 and July 17. 2. What is the total amount invested by all shareholders as of July 17?
Problem #5 Issuance of Ordinary and Preference Shares On July 2, 2018, Victorino Corporation issued for cash 12,000 shares of no-par ordinary shares with a stated value of P13 per share at P17. On July 17, it issued for cash 800 shares of P110-par 10% preference shares at P112. Required: 1. Prepare the journal entries for July 2 and July 17. 2. What is the total amount invested by all shareholders as of July 17?
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter12: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 12.2BE
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