year and was authorized to issue share capital of 50,000 shares Lake Company was organized at the beginning of the current Asynchronous-Activity-1-Shareh x O File | C:/Users/User/Downloads/Asynchronous-Activity-1-Shareholders-Equity.pdf Page view A Read aloud T Add text V Draw 9 Highlight O Erase 1 of 5 PROBLEM NO. 2 PROBLEM NO. 1 with par value of P100. Ocean Company was organized at the beginning of The following transactions occurred during the year 100,000 shares of P50 par value. The following transactions occurred during the year i connection with the share capital: 1. Received subscriptions at par value from incorporators equal to 40% of the authorized share capital. 1. The incorporators subscribed for 25% of the authorized share capital at par value. 2. Received a 25% downpayment on the subscriptions from the incorporators. 2. The incorporators paid 25% on their subscription. 3. Received full payment on 10,000 shares originally subscribed. 3. Full payment was received on 15,000 shares originally subscribed. 4. A patent was acquired by issuing 5,000 shares. The patent has fair value. 4. Land with fair value of P600,000 was acquired upon issuance of 10,000 shares. The market value of the share at this time is P55. 5. Received cash subscriptions to 15,000 shares at P120 per share. Required: 5. Cash subscription to 5,000 shares at P60 per share was received. a. Prepare journal entries to record the transactions following the journal entry method. 6. Issued 2,000 shares to the legal counsel in payment for hie P100,000 bill for organization services. b. Present the shareholders' equity in the statement of financial position. Required: a. Prepare journal entries to record the transactions using the memorandum method. b. Present the shareholders' equity in the statement ot financial position. 6:15 pm P Type here to search 28C Partly cloudy A E G 4) O ENG 29/01/2022