Question
Mac Corporation was authorized to issue 100,000 shares with a par value of P120 per share; 90,000 shares were already issued at par value.
Mac Corporation was authorized to issue 100,000 shares with a par value of P120 per share; 90,000 shares were already issued at par value. a. The corporation acquired 500 shares from Alex at P118 per share. b. The corporation acquired 100 shares from Mario at P122 per share. c. The corporation acquired 400 shares from Donna at P130 per share. d. Sold the shares acquired from Alex at P118 per share cash. e. Reissued the shares acquired from Mario at P118 per share. f. Reissued the shares acquired from Donna at P135 per share. Prepare the journal entries to record the aforementioned transactions.
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To record the aforementioned transactions the following journal entries can be made a The corporatio...Get Instant Access to Expert-Tailored Solutions
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Intermediate Accounting Reporting and Analysis
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
2nd edition
9781305727557, 1285453824, 9781337116619, 130572755X, 978-1285453828
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