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Can you help me with the statement of financial position The Summa Company was organized with an authorized no-park stock of 200,000 common shares. The
Can you help me with the statement of financial position
The Summa Company was organized with an authorized no-park stock of 200,000 common shares. The board of directors fixed the stated value at P9.50 per share. The following transactions occurred: June 1 Sold 10,000 shares at P10.00 each for cash Sold 15,000 shares at P11.00 collecting one-half in cash July 1 Received subscriptions to 50,000 shares at P9.50 per share. Down payment of 20% in cash was received. August 1 Collected the balance of the subscriptions on June 1 Collected one-half of the balance of the subscription on July 1. October 1 Sold 2,000 shares at P9.50 in cash November 1 share All remaining unsubscribed shares were sold at P12.00 per with a twenty-five percent down payment in cash. December 30 Collected all balances of subscriptions except ten percent of the of the total subscriptions on November 1 a. Prepare Journal entries for the foregoing if: 1. Stocks are recorded at issue price 2. Stocks are recorded at stated value b. Prepare statement of financial position on Dec.31 for case Al. The Summa Company was organized with an authorized no-park stock of 200,000 common shares. The board of directors fixed the stated value at P9.50 per share. The following transactions occurred: June 1 Sold 10,000 shares at P10.00 each for cash Sold 15,000 shares at P11.00 collecting one-half in cash July 1 Received subscriptions to 50,000 shares at P9.50 per share. Down payment of 20% in cash was received. August 1 Collected the balance of the subscriptions on June 1 Collected one-half of the balance of the subscription on July 1. October 1 Sold 2,000 shares at P9.50 in cash November 1 share All remaining unsubscribed shares were sold at P12.00 per with a twenty-five percent down payment in cash. December 30 Collected all balances of subscriptions except ten percent of the of the total subscriptions on November 1 a. Prepare Journal entries for the foregoing if: 1. Stocks are recorded at issue price 2. Stocks are recorded at stated value b. Prepare statement of financial position on Dec.31 for case AlStep by Step Solution
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