I. (Five items) A junior accountant of Rod Leny Corporation is seeking your assistance as to how to completethe following shareholders' equity section of the balance sheet:Shareholders' Equity:Contributed Capital5% Preference shares, par value per share, 15,000 shares authorized,9,000 shares issued and outstandingOrdinary shares, par value P 10 per share, 100,000 shares authorized,shares issued and outstandingSubscribed, 1,500 sharesAdditional Paid-in Capital- Excess over par - Preference shares- Excess over par - Ordinary sharesRetained EarningsTotal Shareholders' EquityAdditional Information:Undistributed earnings of the corporation is P 9,000. No dividends had ever been paid.P 405,000How many shares must be subscribed at the time of incorporation?How much of the subscriptions must be paid up?P 1,500,000P 80,000P 2,049,500II. (Two items) A-plus Asia Inc. was organized on January 1, 2007. It was authorized to issue 100,000 sharesof ordinary shares capital, par value P20. The minimum required subscription was received at P25 pershare.

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II. (Two items) A-plus Asia Inc. was organized on January 1, 2007. It was authorized to issue 100,000 shares of ordinary shares capital, par value P20. The minimum required subscription was received at P25 per share. How many shares must be subscribed at the time of incorporation? How much of the subscriptions must be paid up?

II. (Two items) A-plus Asia Inc. was organized on January 1, 2007. It was authorized to issue 100,000 shares of ordinary shares capital, par value P20. The minimum required subscription was received at P25 per share. How many shares must be subscribed at the time of incorporation? How much of the subscriptions must be paid up?

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...

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