Reference no: EM132845796
Question - Villarama Corporation was organized on Jan 1. 2019. It is authorized to issue 20,000 shares of 6% 50 par value preference shares, and 50,000 shares of no-par ordinary shares with a stated value of 10 per share. The following stock transactions were completed during the year:
Jan. 10 Issued 10,000 ordinary shares for cash at 35 per share.
Mar. 1 Issued 10,000 preference shares for cash at 55 per share.
Apr. 1 Issued 2,500 shares for land. The asking price of the land was 90,000; the fair market value of the land was 85,000.
May. 1 Issued 7,500 ordinary shares for cash at 40 per share.
Aug. 1 Issued 1,000 ordinary shares to lawyers in payment of their bill for 50,000 pertaining to services rendered in helping the corporation organize.
Sep. 1 Issued 500 ordinary shares for cash at 60 per share.
Nov. 1 Issued 2,000 preference shares for cash at 53 per share.
Required -
1. Journalize the transactions.
2. Post to the shareholders' equity accounts.
3. Prepare the share capital section of the shareholders' equity as at Dec. 31, 2019.
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