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Donated capital 5. Fly Co. received the following unconditional donations from shareholders during the year: - Cash of P200,000 on May 21,201. - 1,000 shares

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Donated capital 5. Fly Co. received the following unconditional donations from shareholders during the year: - Cash of P200,000 on May 21,201. - 1,000 shares with par value per share of P100 and fair value per share of P240 on July 5,201. - Land with a fair value of P1,000,000 and a historical cost of - The donated shares were reissued at P260 per share on December 19,201. Requirement: Provide the journal entries in chronological order

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