Sir Win – Accounting Lectures

Jokes Tagalog
Stories Legit Professor
Life Lessons

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Lecture 08: Donated Capital
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Marlon Corp. received the following items as donations during 2020:

Sept. 7 Lorelyn Realty gave the corporation 10 hectares of

land valued at P7,500,000.
Nov. 17 A shareholder donated 15,000 shares of Marlon P100 par
ordinary shares. The stock was selling for P450 per share
on Nov. 17.
Nov. 25 Jimuel, a shareholder, donated an equipment, for corporate
use. An independent appraisal established the value of the
equipment at P750,000.
Dec. 15 5,000 of the ordinary shares received as a donation on
Nov. 17 were sold for P1,000,000.

Prepare journal entries to record the transactions related to

the donations.