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end of the year a. Problem 7: Donated Capital On December 1, 20x1, Buscaino Corp. received the following donations: Received 20,000 ordinary shares with P100

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end of the year a. Problem 7: Donated Capital On December 1, 20x1, Buscaino Corp. received the following donations: Received 20,000 ordinary shares with P100 par value from Mr. A, shareholders of the entity. On December 5, 20x1, the donated shares were subsequently sold for P2,400,000. b. Received land from Mr. B, the cost of the land is P1,000,000 while its fair value amounted to P1,250,000. Required: Prepare the journal entries

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