Question
On December 1, 2019 IN Corporation issued 1,000 shares of its P10 par ordinary share capital and 2,000 shares of its P10 par preference share
On December 1, 2019 IN Corporation issued 1,000 shares of its P10 par ordinary share capital and 2,000 shares of its P10 par preference share capital for a lump sum of P40,000. At this date ordinary share is selling for P18 per share and the preference share for P13.50 per share.
a. How much is allocated to preference shares? b. What is the compound entry to record the issuance of shares?
On December 1, 2019 IN Corporation issued 1,000 shares of its P10 par ordinary share capital and 2,000 shares of its P10 par preference share capital for a lump sum of P40,000. At this date ordinary share is selling for P18 per share and the preference share for P13.50 per share. a. How much is allocated to preference shares? b. What is the compound entry to record the issuance of sharesStep by Step Solution
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Fundamental Financial Accounting Concepts
Authors: Thomas P. Edmonds
11th Edition
1260786587, 9781260786583
