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Prepare the entries using the memorandum entry method

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Reference no: EM132877276

The following are selected transactions of Total Quality Unlimited with a P20 par share:

a. Sold for cash 20,000 shares of stocks at P25 per share.

b. Land with an appraised value of P1,250,000 was received from a shareholder. The corporation credited a premium for P50,000.

c. The corporate lawyer hired by Total Quality Unlimited billed the firm P120,000 for legal services rendered. He was given the corresponding shares of stocks.

Problem a. Prepare the entries using the memorandum entry method.

Problem b. Give the total number of shares issued, paid in capital at par, additional paid in capital

Reference no: EM132877276

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