At the beginning of 2023, BBB Corporation was organized with authorized capital of 100,000, P200 par value shares. January 15 – Issued 10,000 shares at P280 per share.May 1 – Issued 5,000 shares in exchange for land with a fair value of P1,200,000. On this date, fair value of the shares was P250 per share.November 23 – Issued 2,000 shares for legal services when the fair value was P260 per share.What amount should be debited to land account as a consideration for the issuance of shares on May 1?

At the beginning of 2023, BBB Corporation was organized with authorized capital of 100,000, P200 par value shares. January 15 – Issued 10,000 shares at P280 per share.May 1 – Issued 5,000 shares in exchange for land with a fair value of P1,200,000. On this date, fair value of the shares was P250 per share.November 23 – Issued 2,000 shares for legal services when the fair value was P260 per share.What amount should be reported as share premium?

On August 1, AA and BB pooled their assets to form a partnership, with the firm to take over their business assets and assume the liabilities.  Partners capitals are to be based on net assets transferred after the following adjustment. Profit and loss are allocated equally.BB’s inventory is to be increased by P4,000; an allowance for doubtful accounts of P1,000 and P1,500 are to be set up in the books of AA and BB, respectively; and accounts payable of P4,000 is to be recognized in AA’s books.  The individual trial balances on August 1, before adjustments follows:AA BBAssets P75,000 P113,000Liabilities 5,000 34.500What is the capital of AA after the above adjustments?

At the beginning of 2023, CCC Corporation issued 20,000 ordinary shares of P20 par value and 40,000 cumulative preference shares of P20 par value for a total consideration of P1,600,000. At this date, the ordinary share was selling for P36, and the cumulative preference share was selling for P27.What amount should be credited to ordinary share capital account?

On January 1, Year 1, Davidson Corporation issues 1,000 shares of $1 par value common stock for $20 per share. Complete the necessary journal entry for the issuance of common stock by indicating the relevant account names and dollar amounts below. If more than one account title is debited or credited, enter the account titles in their alphabetical order.

Barb Inc issued 500 common shares in payment of a $1,900 bill from its accountant for assistance in filing its charter. The entry to record this transaction will includeMultiple ChoiceA $1,900 debit to Common SharesA $1,900 debit to Accounting ExpenseA $1,900 credit to Common SharesA $1,900 credit to Organization CostsA $1,900 debit to Legal Expense