Can I ask for the solution for this problem? This is from my Intermediate Accounting.

Problem #1

Nana, Nene, Nini, Nono, and Nunu organized Nae Nae Company at the beginning of the current year with an authorized share capital of 5,000,000 consisting of 50,000 shares of 100 par value,

1.) On January 1, subscription were taken from Nana for 12,000 shares, from Nene for 13,000 shares, from Nini for 8,000 shares, from Nono for 4000 shares and from Nunu for 3,000 shares, all at par.

2.) Nana transferred to the corporation in payment the subscription the following assets and liabilities:

• Accounts Receivable - 350,000
• Notes Receivable - 70,000
• Inventory - 680,000
• Accounts Payable -100,000

3.) Nene transferred the following assets to the corporation in the partial payment of the subscription:

• Land - 150,000
• Building - 850,000

4.) The remaining incorporators paid 25% of the subscriptions

5.)The corporation received a bill on Jan. 10 in the amount of 50,000 from the legal counsel for organization services rendered. The counsel accepted 500 shares full payment.

6.) A subscription for 1,000 shares at 120 per share was received from Momo on Jan. 11. Momo paid 40 per share on his subscription.

7.) On Jan. 12, Nana, Nene and Nini paid the remainder of their subscriptions.

Requirements:

a.) SHARE CAPITAL

b.) SUBSCRIBED SHARE CAPITAL

c.) SUBSCRIPTION RECEIVABLE

d.) SHARE PREMIUM

e.) LEGAL CAPITAL

f.)CONTRIBUTED CAPITAL

g.) SHAREHOLDER'S EQUITY