please answer thanks. Upon knowing that a partnership can now form a corporation, Serafin Mascariñas and ElenaAlpuerto who were partners in a successful ventures have decided to incorporate theirbusiness.The corporation was authorized by its charter to issue 20,000 ordinary shares with a parvalue of P50. Each incorporator has subscribed 5,000 shares and made payment of P90,000and P100,000 respectively which the corporate treasurer deposited right away to the bank.Transactions during the month of May 20A follow:3 - Withdrew P10,000 in payment for incorporation fees, legal services andother incidental expenses incurred in the process of incorporation.1517.P350,000a.b. P360,000Q-424- Collected 70% of Mr. Vicente Chotangco Jr.'s subscription balance andwas issued a certificate.Q-1 How much was the cash in bank balance at the end of its first month of operation?c. P380,000d. P390,000Q-2 How much was the balance of "share premium" account?a. P30,000b. P32,000Mr. Vicente Chotangco subscribed 2,000 shares at P65 and made downpayment of 30%.Issued 1,000 shares for cash to Cherrylyn Limbago at par value and wasissued a share certificate.c. P35,000d. P35,500Q-3 How much was the balance of the "Unissued share capital account"?a. P135,000b. P850,000c. P170,000d. P180,000How many shares were "Issued and Outstanding"?2,500 sharesa.b. 3,000 sharesc.3,200 sharesd. 4,000 shares

Authorized shares: Authorized shares refer to the maximum number of shares that a company is legally…

Upon knowing that a partnership can now form a corporation, Serafin Mascariñas and Elena Alpuerto who were partners in a successful ventures have decided to incorporate their business. The corporation was authorized by its charter to issue 20,000 ordinary shares with a par value of P50. Each incorporator has subscribed 5,000 shares and made payment of P90,000 and P100,000 respectively which the corporate treasurer deposited right away to the bank. Transactions during the month of May 20A follow: 3 - Withdrew P10,000 in payment for incorporation fees, legal services and other incidental expenses incurred in the process of incorporation.

Upon knowing that a partnership can now form a corporation, Serafin Mascariñas and Elena Alpuerto who were partners in a successful ventures have decided to incorporate their business. The corporation was authorized by its charter to issue 20,000 ordinary shares with a par value of P50. Each incorporator has subscribed 5,000 shares and made payment of P90,000 and P100,000 respectively which the corporate treasurer deposited right away to the bank. Transactions during the month of May 20A follow: 3 - Withdrew P10,000 in payment for incorporation fees, legal services and other incidental expenses incurred in the process of incorporation.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter11: Property Dispositions

Section: Chapter Questions

Problem 53P

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