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Determine what are the journal entries for the transactions

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Sunny Corporation was organized on January 2, 2018 with 100,000 ordinary shares authorized with a P10 par value .

During 2018, Sunny had the following stock transactions:

January 2 Issued 35,000 shares at par.

February 11 Issued 5,000 shares for an equipment with a fair value of P65,000.

March 29 Received subscriptions for 15,000 shares at 120% of par value, the subscriptions will be due and payable on December 31, 2018.

July 2 Received 40% payment of the subscriptions last March 29.

August 31 Received in full payment of the 10,000 shares subscribed last March 29 and issued the certificates.

Problem 1) What are the journal entries for the above transactions?

Reference no: EM132710183

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