problem 3.1 amount of shareholder's equity

problem 3.2 journal entries

problem 5.3

Problem 3.1 Prime Corporation was organized on January 3, 2019, with authorized capital of 50,000 shares of P10 par value ordinary shares. During 2019 Prime had the following transaction affecting shareholders' equity: January 7 - Issued 20,000 shares @ P12 per share December 31 - Purchased 3,000 treasury shares @ P13 per share The cost method was used to record the treasury share transaction. Prime's net income for 2019 is P150,000. Required: What is the amount of shareholders' equity at December 31, 2019?Problem 3.2 On January 2, 2019, Centennial Corporation was incorporated in the Philippines. The corporation was authorized to issue 100,000 shares of P5 par value ordinary shares and 10,000 shares of P100 par value, cumulative and nonparticipating preference shares. During 2019, the firm completed the following transactions: Jan 8 Accepted subscriptions for 40,000 ordinary shares at P12 per share. Down payment on the subscribed shares totaled P150,000. Jan 30 Issued 4,000 preference shares in exchange for the following assets: machinery with a fair market value of P35,000, a factory with a fair market value of P110,000, and land with an appraisal market value of P295,000. Apr. 25 Collected the balance of the subscription receivable and issued the shares. June 30 Purchased 2,200 ordinary shares at P18 per share. Use the cost method to account for treasury shares. Sept. 20 Sold the 2,200 treasury shares at P21 per share. Dec. 31 Closed the income summary to retained earnings. The income for the period was P88,000. Required: 1. Prepare the journal entries to record the above transactions up to closing the books on December 31, 2019.Problem 5.3 On December 1, 201?, Anna's Corporation leased office space for ye years at a monthly rental of P100400. On that date, Anna paid the lessor the following amounts: Rent security deposit F25,000 First month's rent l0,000 Last month's rent l0,000 Nonrefundable payment [reimburse lessor for modications to the leased premises] 60:000 Fl The entire amount of P105,000 was charged to rent expense in 201?. 1What portion of the payments should Anna haye deferred to years subsequent to 201 9? a. 35,000 to. 85,000 c . 94,000 cl. 95,000