A During its first year of operations, G Corporation had the following transactions relating to 6% preference with authorized issue of 80,000 shares and a par value of and P50 ordinary no-par with authorized issue of 50,000 shares and a stated value of P20. Issued for cash 25,000 preference shares at P60 per share. Q1 Q2 Q3 Q4 Q5 B Issued 1,000 ordinary no par to lawyers in payment of a bill valued at P35,000 for services rendered in helping the company to register the corporation. In exchange for land and building with fair value of P3,000,000 and P2,000,000, respectively, G Corporation issued 50,000 preference shares and paid the shareholders cash amounting to P500,000 for the difference in fair value of the land and building and the fair value of preference shares issued. value Received subscription for 24,000 ordinary no par shares at P40 per share receiving 25% down payment and the balance to be collected one month after. What is the balance of preference share capital? What is the balance of ordinary share capital, no-par? How much is the additional contributed capital or additional paid in capital? How much is the total legal capital of G Corporation? How much is the total shareholders' equity? Tack Corporation received authorization to issue 200,000 shares of P30 par ordinary share capital. It completed the following selected transactions during the year: Q6 . Received subscription from Sac for 25,000 shares at P45 per share, receiving 40% down payment. On due date, Sac failed to pay the balance of the subscription. The shares were declared delinquent and were advertised for sale at a public auction, Tack Corporation paying P5,000 advertising costs. How much was the amount collectible from the Highest Bidder if the unpaid subscription is subject to accrued interest amounting to P3,375? Q7 Assume that Tack Corporation received the following bids: Carl, 15,000 shares; Gabbu, 20,000 shares; and Babel, 18,000 shares, Who is the highest bidder? Q8 C In relation to your answer to Q7, how many shares should Sac receive? Steel Corporation's records included the following shareholders' equity accounts: Preference share capital, P25 par. Authorized issue, 100,000 shares of which. ?, shares are issued & outstanding 1,625,000 Share premium-preference 325,000 Ordinary share capital, no-par, P15 stated value. Authorized issue of 50,000 shares of which? shares are issued & outstanding 375,000 Subscribed ordinary share capital, no-par 225,000 Share premium-ordinary 150,000 How many preference shares are issued? Q10 What was the average issue price of the preference share? Q11 How many ordinary shares are issued? Q12 What was the average issue price of the ordinary shares assuming that the subscribed ordinary shares are subscribed at stated value hence the entire share premium-ordinary originated from the issuance of ordinary shares for cash? How many preference shares are still available for subscription? How many ordinary shares are still available for subscription? Q13 Q14 D The shareholders' equity of Ace Corporation as of January 1, 2021 is as follows: Ordinary share capital, P25 par, authorized issue of 200,000 share of which 150,000 shares are issued and outstanding Share premium-ordinary Retained earnings Ace recorded the following transactions during 2021: 3,750,000 300,000 1,550,000 Acquired back 5,000 ordinary shares to be held in the treasury for P180,000. Sold 1,500 treasury shares-ordinary at P40 per share. Sold 1,000 treasury shares-ordinary at P28 per share. Retired 1,200 treasury shares-ordinary. Q15&Q16 What accounts and amounts should Ace Corporation credit to record the sale of 1,500 treasury shares-ordinary at P40 per share? Q17 For how much would retained earnings be debited for the sale of 1,000 ordinary treasury shares at P28 per share? 018 & 019 What accounts and amounts are debited other than ordinary share capital to record the retirement of 1,200 treasury shares-ordinary? Q20 Q21 By what amount did the shareholders' equity increase or decrease as a result of the foregoing transactions? What is the balance of treasury shares-ordinary?