Garnett Company was organized on January 1, 2020 with authorized capital of 100,000shares of P200 par value. On January 10, the company issued 25,000 shares atP220 per share. On March 25, the company issued 1,000 shares for legal services when the fair value was P240 per share. On September 30, 5,000 shares were issued for a tract of land when the fair value was P260 per share. What amount should be reported for share premium?

Q: Marina Corporation had the following shareholders' equity on January 1, 2020: Common shares, 500,000…

A: The stock subscription is the process where the investor can purchase the shares on paying the sum…

Q: On January 5, 2020, Stellar Corporation received a charter granting the right to issue 5,400 s…

A: The initial, systematic recording of all monetary business transactions is called a journal entry.…

Q: On January 5, 2020, Phelps Corporation received a charter granting the right to issue 5,000 shares…

A: Journal entries includes the recording of each monetary transaction in the books of accounts of a…

Q: Knicks Corporation was organized on January 1, 2018 with authorized capital of P 2,000,000, P 20 par…

A: Formula: Amount = 25 % shares subscribed x Each share issue price.

Q: Princess company began operations on January 1, 2020 by issuing at 15 per share one-half of the…

A: given   Princess company began operations on January 1, 2020 by issuing at 15 per share one-half of…

Q: On July 1, 2013, the Monster Corporation was registered with the SEC. Its authorized share capital…

A: If an entity issues stock in exchange for assets, the cost must be assigned to such asset by using…

Q: Favor Corp. was organized on January 1, 2020 and was authorized to issue 50,000 ordinary shares with…

A: The authorized capital is fixed and out of which shares are subscribed and paid.

Q: On July 1, 2022, Diamond Company paid P1,000,000 for 100,000 outstanding shares which represent 40%…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Crimson Pottery Corporation is authorized to issue 40,000 shares of $7 convertible preferred shares…

A: A journal entry is the first step in recording financial transactions in the books of business…

Q: VIOLET Corporation was incorporated on January 1, 2020 with the following authorized capitalization:…

A: Working:

Q: Fullhouse Company began operations on January 1, 2020. Authorized were 100,000 ordinary shares of…

A: Shares subscribed are the applications received for the purchase of the shares that are about to be…

Q: On December 31, 2020, what amount should be reported as total assets. *

A: Basic Accounting Equation is: Assets = Liabilities + Equity

Q: Integrity Company is a publicly held company whose shares are traded in the over-the-counter market.…

A:

Q: Melon Co. was incorporated on January 1, 2021. The following were the transactions during the year:…

A: Retained Earning Ending Balance = Retained Earning Beginning Balance + Profit - Dividend

Q: On January, 2019, Chicosci Corporation was incorporated with authorized Ordinary share capital of P…

A: Ordinary share capital refers to the total share outstanding at the par value per share.

Q: On January 1, 2022, Dumbledore Company issued 10,000 shares of its P10 par value shares with a…

A: Owner equity means the amount that belong to the owner of the business.  Any profit will increase…

Q: Sonic Enterprises Inc. has decided to purchase 100% of the voting shares of Jackson Inc. for…

A: Goodwill is arises when amount of total net assets acquired is lower than total of liabilities taken…

Q: Rayan Corporation was organized on January 1, 2020, with an authorization of 1,200,000 ordinary…

A: The total number of share premium as of December 31, 2020 = Cost of Treasury shares - Cost of…

Q: On January 2, 2020, Roberts Corporation received a charter granting the right to issue 8,000 shares…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: A company was organized on January 1, 2020. It is authorized to issue 216,000 shares of 5%, $10 par…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Prepare journal entries. 1 Record the issue of common shares to promoters.   2 Record the issue of…

A: Journal Entries of Trio Networks Corporation’s for 2020

Q: Phoebe Company presented the following entries in its "Shareholders' Equity" account for the year…

A: Shareholders equity balance comprises of common stock and retained earnings and treasury stock.…

Q: Berna Company was organized on January 1, 2019, 25,000 ordinary shares of P100 par value being…

A: SOLUTION 1-                                                   INCOME STATEMENT   PARTICULARS…

Q: An entity was incorporated on January 1, 2020 with proceeds from the issuance of P5,000,000 in…

A: Accounting Equation: The accounting equation provides the foundation of the accounting system. It is…

Q: VIP Corporation's first year of operations had the following transactions: 2020 Jan. 15 Issued 2,000…

A: On issuing the shares in the market, the stock account is credited by the par value of the shares…

Q: 1. Garnett Company was organized on January 1, 2020 with authorized capital of 100,000shares of P200…

A: Company means the form of business where management is separately from owner and have perpetual…

Q: The authorized capital of the company was OMR 3,000,000 divided into shares of OMR 1 each. The…

A: Equity share capital refers capital which is raised by a corporation by offering shares.

Q: On January 1, 2020, Keith Company paid $96,000 for 8,000 shares of Jerry Company common stock. The…

A: What amount will be reported in the balance sheet of Keith Company for the investment in Jerry…

Q: Madona  Ltd. begins operations on March 1, 2020, by issuing 1,500,000 shares of $5 par value…

A: Ordinary shares: These are the shares issued by a company to an outsider. These shares entitle a…

Q: The BCD Corporation was organized on January 2, 2021 with authorized capital of 500,000 shares of…

A: Shareholders’ equity represents the funds belonging to the shareholders of the company. The…

Q: Pacific Corp. was organized on January 1, 2020 with authorized capital of P5,000,000 consisting of…

A: Hi since multiple subpart questions are asked, we are solving the 1st 3 parts of the question for…

Q: Prytania Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. During…

A: Journal entry is referred to as the primary recording of those transactions which are financial in…

Q: Voko Company was organized on May 25, 2020 and was authorized to issue 250,000 shares of Rs 15 or…

A: Yoko Company has authorized to issue 250,000 common shares @ Rs 15 par value and Preferred stock 8%…

Q: At the beginning of 2021, DAI Corp. was organized with authorized capital of 200,000, P500 par value…

A: Share Premium: Share premium is the credited difference in price between the par value, or face…

Q: Sousa Caterers, Inc. was organized on May 13, 2019 and the articles stipulated the following…

A: Sousa caterers Inc.'s Authorized capital is 1. 4500 shares of preference shares = P110 par value 2.…

Q: she Company was organized on January 1, 2015 with authorized share capital of 100,000 shares of P20…

A: In case issue of shares for acquisition of asset or for obtaining services then the fair value of…

Q: Pico Company was organized on January 1, 2015 with authorized capital of 100,000 shar of P200 par…

A: The share premium is the amount received in excess of par value of shares issued.

Q: On January 2, 2020, Theodora Company purchased 40,000 shares of Byzantine, Inc. stock at P100 per…

A: Solution:Total cost of investment = Purchase cost + Brokerage fee - dividend= 40000*100 + 120000 -…

Q: Pluto Company began operations on January 1, of 500,000 preference shares of P5 par value of which…

A: Contributed Capital is the amount a company receives on the account of issue of common and preferred…

Q: sh of $13 per share. Mar. 9 6,000 preferred shares were issued for cash

A: A journal entry is an accounting entry that is used to record a business transaction in the…

Q: Lagro Co. was incorporated on July 1, 2021, with P200,000 from the issuance of stock and borrowed…

A: This is a basic question which can be solved by many methods like accounting equation or by making a…

Q: Record the journal entries for the transactions listed above.

A: When shares or stock is issued in exchange for an asset, such stock is valued at cost of the asset.…

Q: Nakeeta company owned 50,000 ordinary shares which were purchased for P120 per share. During the…

A: Right issue gives right to the existing shareholders for purchase of shares at a discounted price or…

Q: ABC Corporation was organized on Feb 01, 2021. The corporation was authorized to issue 40,000 shares…

A: Legal capital is the par value of common stock and preferred stock that the business had sold or…

Q: Excel Company was formed on January 2020 with an authorized capital of OMR 1 million divided into…

A: company will chose option (C)

Q: Nakeeta company owned 50,000 ordinary shares which were purchased for P120 per share. During the…

A:

Q: COMBO Co. issued 20,000 shares of its P25 par value ordinary shares and 4,000 shares of its P50 par…

A: Assets acquired should be entered in books of accounts at fair value of assets. Equipment having…

Q: HEA Corp. was organized on January 2020. Share capital transactions for the year are shown below:…

A: solution given Authorized share capital 50000shares Par value 10 per share   On…

Q: On October 1, 2018, Branded Corporation exchanged 20,000 shares of its P 200 par value of Ordinary…

A: Note:- Since you have asked multiple questions, we will solve the first question for you, if you…