CAIRNE issued 30,000 shares of P100 stated value in exchange for land and factory building with total fair value of P9 million pesos. The value of land is twice as much the value of the building. What would be the entry of CAIRNE to record the transaction?

Group of answer choices

Land 2,000,000 Building 1,000,000 Share Capital 3,000,000

Land 6,000,000 Building 3,000,000 Share Capital 9,000,000

Land 2,000,000 Building 1,000,000 Share Capital 3,000,000

Land 6,000,000 Building 3,000,000 Share Capital 3,000,000 Share Premium 6,000,000

On September 1, RAZZIL issued 3,000 shares with par value of P50 par ordinary shares to Atty. Rigor for 100 hours of legal consultation. Based on the website of Atty. Rigor, the rate of his service is usually P2,000 per hour. On the website of Philippine Stock Exchange (PSE), the shares are quoted at P60 per share on that date of issuance. What journal entry should RAZZIL record on its books related to the issuance?

Group of answer choices

Professional expenses 180,000 Share capital 150,000 Share premium 30,000

Professional expenses 200,000 Share capital 150,000 Share premium 50,000

Professional expenses 180,000 Share capital 180,000

Professional expenses 200,000 Share capital 200,000

LUCIA Co. has the following information related to its accounts as of December 31, 2020:

Ordinary share capital, P50 par value	P1,000,000
Preference share capital, P30 par value	450,000
Share premium ordinary	400,000
Share premium preference	120,000
Retained earnings	250,000
Treasury shares ordinary, P55 cost per share	275,000

What is the number of outstanding shares for each class of share?

Ordinary Preference

Group of answer choices

20,000 shares 15,000 shares

20,000 shares 10,000 shares

15,000 shares 10,000 shares

15,000 shares 15,000 shares

The December 31, 2020 condensed Statement of Financial Position of ALL STAR Entertainment Services, a sole proprietorship of RATTLETRAP follows:

Current Assets P 1,400,000 Property, Plant and Equipment net 1,300,000 P 2,700,000 Liabilities P 700,000 RATTLETRAP, Capital 2,000,000 P 2,700,000

On January 15, 2020, ALL STAR Entertainment Services was incorporated with 10,000 shares of P100 par value common shares issued. Prior to incorporation, Mr. RATTLETRAP had determined the following fair market values:

Current Assets P 1,600,000 Property, Plant and Equipment 2,100,000 Liabilities 700,000

What amount should be credited to Share Premium?

Group of answer choices

P2,500,000

P2,000,000

P3,200,000

P2,300,000

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Question 111 pts

What is the total legal capital of HUSKAR Inc. as of December 31, 2014?

Group of answer choices

P1,157,000

P1,055,000

P1,115,000

P1,097,000