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Compute the amount of donated capital

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Reference no: EM132698556

Marasigan Corp. received the following terms as donations during 2018:

  • Mar 21 Arias Realty gave the corporation 5 hectares of land valued at P6,000,000. Marasigan agreed to build a distribution warehouse on the property and to employ at lest 50 local residents.
  • Apr 30 A shareholder donated 10,000 shares of Marasigan P200 par ordinary shares. The stock was selling for P425 per share on Apr. 30
  • June 25 Bobadilla Holdings donated a mobile office, which was moved to the donated land and used as temporary office. An independent appraisal establishment the value of the mobile office at P675,000.
  • July 15 4,000 of the ordinary shares received as donation on Apr. 30 were said for P1,820,000.

Required:

Question 1: Prepare journal entries to record the transactions related to the donations.

Question 2: Compute the amount of donated capital that Marasigan Corporation would present on Dec. 31, 2018 statement of financial position.

Reference no: EM132698556

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