Chapter 2 - Shareholders' Equity As part of the quasi-reorganization, the current assets and buildings are to be written down by P100,000 and P300,000, respectively. Ordinary share capital is to be exchanged and will be restated at a legal capital of P4,000,000. The resulting additional paid in capital will be used to cancel the resulting deficit. REQUIRED: (a) (b) Journal entries to record the quasi-reorganization. A statement of financial position immediately after the quasi-reorganization. Chapter 2 - Shareholders' Equity As part of the quasi-reorganization, the current assets and buildings are to be written down by P100,000 and P300,000, respectively. Ordinary share capital is to be exchanged and will be restated at a legal capital of P4,000,000. The resulting additional paid in capital will be used to cancel the resulting deficit. REQUIRED: (a) (b) Journal entries to record the quasi-reorganization. A statement of financial position immediately after the quasi-reorganization. Chapter 2 - Shareholders' Equity As part of the quasi-reorganization, the current assets and buildings are to be written down by P100,000 and P300,000, respectively. Ordinary share capital is to be exchanged and will be restated at a legal capital of P4,000,000. The resulting additional paid in capital will be used to cancel the resulting deficit. REQUIRED: (a) (b) Journal entries to record the quasi-reorganization. A statement of financial position immediately after the quasi-reorganization. Chapter 2 - Shareholders' Equity As part of the quasi-reorganization, the current assets and buildings are to be written down by P100,000 and P300,000, respectively. Ordinary share capital is to be exchanged and will be restated at a legal capital of P4,000,000. The resulting additional paid in capital will be used to cancel the resulting deficit. REQUIRED: (a) (b) Journal entries to record the quasi-reorganization. A statement of financial position immediately after the quasi-reorganization