Activity

ABC Corporation, a newly registered corporation had the following transactions during the year:

Required: Prepare the journal entry for each transaction

ABC Corporation is authorized to issue 1,000,000 ordinary shares with par value ofP10.00 and 200,000 preference shares with par
value of P50. The Corporation issued the following shares to interested investors:
1. Mr. AAA 30,000 ordinary shares at par value
2. Mr. BBB 50,000 ordinary shares at P15
3. Mr. CCC6,000 preference shares for P750,000

ABC Corporation is authorized to issue 1,000,000 ordinary shares with par value of P10.00 per share. The Corporation issued the
following shares to interested investors:
4. Mr. AAA 160,000 shares for legal service rendered. The market value of shares is P14.
5. Mr. BBB 150,000 shares for Land with fair value of P1,700,000. The market value of shares is P14.
6. Mr. CCC4,000 shares for Equipment.

ABC Corporation is authorized to issue 1,000,000 ordinary shares with par value of P10.00.
The shareholders’ equity of ABC Corporation on January 1, 2020 is presented below:
Ordinary Share Capital 2,000,000
Share Premium 35,000
Retained Earnings 567,000
On January 2, the Corporation issued 10,000 shares at P11 per share. The corporation paid the total share issuance cost amounting to
P75,000.
7. Issuance of shares
8. Incurrence of share issuance cost

ABC Corporation is authorized to issue 2,000,000 ordinary shares at P100 per share.
9. The Corporation received a subscription for 250,000 shares at P11 per share and received a 25% down payment.
10. Subscription for 200,000 shares were fully paid. The Corporation issued the shares certificate for 200,000 shares
11. .50,000 subscribed shares were delinquent. The company paid additional expenses amounting to P10,000 for the auction and
accrued P15,000 interest. The highest bidder paid the offer price, and the corporation issued the shares certificate.

ABC Corporation is authorized to issued 100,000 ordinary shares, P100 par value.
12. ABC Corporation issued 60,000 shares for P102 per share
13. ABC Corporation reacquired 40,000 shares at P110 per share.
14. ABC Corporation reissued 20,000 treasury shares at P112 per share.
15. ABC Corporation retired 20,000 treasury shares.