Problem 8-2 (Issuance of Share Capital for Various Considerations and Subscription Defaults) Fidelity Co. was authorized to issue 200,000 ordinary shares, par value P50. The transactions that took place during the months of November and December are shown below. Nov. 2 Received subscriptions from incorporators for 50,000 shares at P60. A down payment of 40% was received; the balance is payable within 90 days. 5 Issued 10,000 shares in exchange for equipment with a fair value of P700,000.
Problem 8-2 (Issuance of Share Capital for Various Considerations and Subscription Defaults) Fidelity Co. was authorized to issue 200,000 ordinary shares, par value P50. The transactions that took place during the months of November and December are shown below. Nov. 2 Received subscriptions from incorporators for 50,000 shares at P60. A down payment of 40% was received; the balance is payable within 90 days. 5 Issued 10,000 shares in exchange for equipment with a fair value of P700,000.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 10EB: Ammon Company is authorized to issue 500,000 shares of $5 par value preferred stock. In its first...
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