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Question - On January 1, 20x1, ASDF Co. received authorization from the SEC to issue share capital of $2,000,000 divided into 20,000 shares with par value per share of $100. Subscription of 5,000 shares was received and 25% of the total subscription was paid at subscription date. On February 1, 20x1, ASDF Co. received full payment for 4,000 subscribed shares and issued the related share certificates. On February 28, 20x1, ASDF Co. received cash subscription for 2,000 shares at par value.
Required -
a. Provide the necessary journal entries under journal entry method.
b. Prepare the share capital portion of ASDF's statement of financial position as of February 28, 20x1.
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