Question
Please help me with this problem. This subject is Intermediate Accounting. ANDY CORP. received the following donations during the year 2020: a) Land from WENCY
Please help me with this problem. This subject is Intermediate Accounting.
ANDY CORP. received the following donations during the year 2020: a) Land from WENCY INC., parent of the entity, with a fair value on the date of transaction amounting to P550,000. b) 10,000 shares of another entity from a rich entrepreneur. The market value of the shares on that date is P30 per share. c) Cash of P100,000 from a stockholder owning 20% of the total outstanding shares of the company. How much is the total credit to donated capital?
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Survey of Accounting
Authors: Edmonds, old, Mcnair, Tsay
2nd edition
9780077392659, 978-0-07-73417, 77392655, 0-07-734177-5, 73379557, 978-0073379555
