Required: A.) Prepare journal entries using the memorandum entry method. B.) Prepare the share capital section of the statement of financial position. 
2.) ONE PUNCH CO. is authorized to issue 300,000 of P 20 par value ordinary shares, and 60,000 of preference shares of P 100 par value per share. The company engaged in the following share capital transactions through the yea year 2021: 60,000 ordinary shares were issued at P 85 per share to Badang; received cash and 20,000 preference share for machinery which has a fair market value of P 2,600,000 to Aldous. are for machi ii.) Issued 750 ordinary shares, selling at P 50 per share, to Atty. Paquito for services in connection with the organization of the corporation. The fair value of the legal services was P 18, 750. P.18,750 U LUMBANI iii.) Masha subscribed 1,500 preference shares at par value and paid downpayment of P 37,500. iv.) Received building and land from Chou for 80, 800 ordinary shares. The building was originally acquired by the investor for P 2,000,000 and has accumulated depreciation of P 300,000. It is currently valued in the market at P 2, 250,000. The land was originally acquired for 120,000 but is currently valued in the market at P 369,000. v.) Yin subscribed 55,000 ordinary shares at 143 per share and paid 90% of the subscription. vi.) Masha paid 75% of her remaining balance of subscribed preference shares. 2-a.) What is the amount of subscription receivable for each class of shares? (2 Subscription Receivable-PS Subscription Receivable-OS P 150,000 a.) b.) c.) d.) P 1,100,000 P 7,865,000 786,500 P 1,100,000 P 150,000 P 28,125 P 28,125 2-b.) What is the total amount of issued and subscribed for ordinary shares and preference shares? (2 pts.) wwwww aru Subscribed-PS issued and Subscribed-OS a.) P 2,121,875 b.) P 2,000,000 P 3,144,500 P 2,831,000 P 14,502,750 P 3,931,000 c.) d.) P 2,600,000 P 2,150,000 IUSTITIA PRO ET 2-c.) What is the amount of the share premium for each class of shares? (2 pts.) Share Premium-PS DEO Sharoprom Share Premium-OS a.) P 600,000 P 11,668,000 b.) P 600,000 P 11,671,750 C.) P 600,000 P 3,900,000 d.) P 0 P 3,900,000 192 COLLEGE + COLUMBAN 2-d.) What is the total contributed capital? (4 pts a.) P 18,352,750 b.) P 6,081,000 c.) P 5,266,375 d.) P 17,538,125 2.) ONE PUNCH CO. is authorized to issue 300,000 of P 20 par value ordinary shares, and 60,000 of preference shares of P 100 par value per share. The company engaged in the following share capital transactions through the yea year 2021: 60,000 ordinary shares were issued at P 85 per share to Badang; received cash and 20,000 preference share for machinery which has a fair market value of P 2,600,000 to Aldous. are for machi ii.) Issued 750 ordinary shares, selling at P 50 per share, to Atty. Paquito for services in connection with the organization of the corporation. The fair value of the legal services was P 18, 750. P.18,750 U LUMBANI iii.) Masha subscribed 1,500 preference shares at par value and paid downpayment of P 37,500. iv.) Received building and land from Chou for 80, 800 ordinary shares. The building was originally acquired by the investor for P 2,000,000 and has accumulated depreciation of P 300,000. It is currently valued in the market at P 2, 250,000. The land was originally acquired for 120,000 but is currently valued in the market at P 369,000. v.) Yin subscribed 55,000 ordinary shares at 143 per share and paid 90% of the subscription. vi.) Masha paid 75% of her remaining balance of subscribed preference shares. 2-a.) What is the amount of subscription receivable for each class of shares? (2 Subscription Receivable-PS Subscription Receivable-OS P 150,000 a.) b.) c.) d.) P 1,100,000 P 7,865,000 786,500 P 1,100,000 P 150,000 P 28,125 P 28,125 2-b.) What is the total amount of issued and subscribed for ordinary shares and preference shares? (2 pts.) wwwww aru Subscribed-PS issued and Subscribed-OS a.) P 2,121,875 b.) P 2,000,000 P 3,144,500 P 2,831,000 P 14,502,750 P 3,931,000 c.) d.) P 2,600,000 P 2,150,000 IUSTITIA PRO ET 2-c.) What is the amount of the share premium for each class of shares? (2 pts.) Share Premium-PS DEO Sharoprom Share Premium-OS a.) P 600,000 P 11,668,000 b.) P 600,000 P 11,671,750 C.) P 600,000 P 3,900,000 d.) P 0 P 3,900,000 192 COLLEGE + COLUMBAN 2-d.) What is the total contributed capital? (4 pts a.) P 18,352,750 b.) P 6,081,000 c.) P 5,266,375 d.) P 17,538,125
