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Question 45 On September 1, BRAZZIL issued 6,000 shares with par value of P50 par ordinary shares to Atty. Warl for 200 hours of legal consultation. Based on the website of Atty. Warl, the rate of his service is usually P2,000 per hour. On the website of Philippine Stock Exchange (PSE), the shares are quoted at P60 per share on that date of issuance. What journal entry should BRAZZIL record on its books related to the issuance? 400,000 O DR. Professional expenses CR. Share capital CR. Share premium 300,000 100,000 O DR. Professional expenses 360,000 CR. Share capital 360,000 400,000 O DR. Professional expenses CR. Share capital 400,000 360,000 O DR. Professional expenses CR. Share capital 300,000 CR. Share premium 60,000 Gogalor Co. was incorporated on January 1, 2020. Upon inspection of its stock and transfer book, the following transactions affecting its shares were noted January 1 No. of shares authorized 150,000 January 31 Issued shares for cash 60,000 March 15 Issued shares for land 30,000 August 10 Reacquired shares but not retired 15,000 December 30 Five-for-one share split On December 31, 2020, what is the number of shares outstanding? 255,000 435,000 225,000 375,000 Denden Company was organized on January 1, 2020 at which date it issued 300,000 ordinary shares of P6 par value at P13 per share. The following are the additional equity transaction occurred during the year: Profit for the year amounts to P975,000 Declared and paid cash dividends amounts to P225,000 . On January 10, 2020, the Company purchased 9,000 treasury shares at P12 per share. On December 31, 2020, the Company sold 4,500 treasury shares at P8 per share and retired the remaining treasury shares. The company uses the cost method of accounting for treasury shares. What is the total shareholder's equity on December 31, 2020? P4,596,000 P4,578,000 OP4,524,000 OP4,632,000 Demis Corporation is authorized to issue P10 par ordinary share capital. Assume the following transactions were completed by Demis Corporation with Mr. Valdez, a subscriber. Received subscription from Mr. Valdez for 15,000 shares at P15 per share. Terms: 30% down and the balance is payable at the end of 60 days. After several calls, Mr. Valdez failed to pay the balance of his subscription. Thirty days after the due date, the shares were declared delinquent and were advertised for sale at a public auction. Expenses for advertising the sale amounted to P4,500, which were duly paid by the corporation. Received bids from the following: o Robert 12,000 shares . Marilou 9,000 shares o Anna 10,500 shares The amount due from the highest bidder is collected, and certificates of share capital were accordingly issued Upon issuance of the stock certificates, how many shares are received by Ms. Marilou and Mr. Valdez respectively? All 15,000 shares to Valdez 10,500 shares to Marilou and 4,500 shares to Valdez O 9,000 shares to Marilou and 6,000 shares to Valdez O 6,000 shares to Marilou and 9,000 shares to Valdez All 15,000 shares to Marilou Halo Corporation was organized on January 1, 2020, with an authorization of 1,500,000 ordinary shares with a par value of P5 per share. During 2020, the corporation had the following equity transactions: Jan. 4 - Issued 300,000 shares @ P5 per share. April 8 - Issued 150,000 shares @ P7 per share. June 9 - Issued 45,000 shares @ P10 per share July 29 - Purchased 75,000 shares @ P4 per share. Dec. 31 - Sold 75,000 shares held in treasury @ P8 per share. What should be the total Share Premium as of December 31, 2020? P600,000 OP675,000 O P750,000 P825,000