Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. my corporation issued 50,000 preference shares of

My Corporation issued 50,000 preference shares of P100 par value for P5,000,000 with 50,000 warrants...

80.2K

Verified Solution

Question

Accounting

My Corporation issued 50,000 preference shares of P100 par value for P5,000,000 with 50,000 warrants to acquire 25,000 ordinary shares, P50 par at P90. On the date of issuance, the warrants have a market value of P20 but the preference shares have no known market value, ex-warrants. Subsequently, 40,000 warrants were exercised and the remainder lapsed.

Prepare journal entries fof the transactions.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

1) List sources of variances between budgeted and actual amounts 2) Describe the concept of zero-based budgeting.

Chemistry
1.2K views

Discussion: 1. Prepare a graph of %volume condensed vs. temperature. 2. Explain the characteristic properties of...

Physics
1.2K views

A cube 23 cm on each side contains 3.7 g of helium at 20∘C. 1000 J...

Basic Math
1.2K views

7. Describe how to achieve the best score by Smith-Waterman in linear space.

Physics
1.2K views

5 A source of power 600 kW emits photon which incident on a surface 2...

Physics
1.2K views

Space between plates of a parallel plate capacitor is filled with three dielectric slabs as...

Calculus
1.2K views

Factor the GCF out of the following expression and write your answer in factored form...

Algebra
1.2K views

3 W Determine whether the series below converge absolutely converge conditionally or diverge Be sure...

Accounting
1.2K views

How does the entry to write-off a specific customers account affect net income? How does...

Accounting
1.2K views

EBITPerpetuityCostofequityInterestrateTaxrateConverttodebtConverttodebt$19,75015%10%35%50%100% Output Area: a. No debt: VU b. Debt Debt 50%100% c. Debt 50% of...

Accounting
1.2K views

HOW TO INPUT ON EXCEL THE IF FORMULA dit ne RV ust...

Accounting
1.2K views

The management of Wyoming Corporation is considering the purchase of a new machine costing $375,000....