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Sunrise Corporation, a food company, was established on January 2, 2018. It is authorized to issue 100,000 shares of 6%, P50 par value preference shares, and 600,000 shares of no par value ordinary shares with a stated value of P5 per share. It made the following share transactions during the year. February 12 March 2 Issued 120,000 ordinary shares for cash at P6 per share. Issued 30,000 preference shares at par for cash. Issued 100,000 ordinary shares for a piece of land as future building site. The asking price for the land was P700,000. The fair value was P600,000. Issued 200,000 ordinary shares for cash at P7 per share. Issued 10,000 preference shares for cash at P54 per share. March 24 April 18 November 15

Sunrise Corporation, a food company, was established on January 2, 2018. It is authorized to issue 100,000 shares of 6%, P50 par value preference shares, and 600,000 shares of no par value ordinary shares with a stated value of P5 per share. It made the following share transactions during the year. February 12 March 2 Issued 120,000 ordinary shares for cash at P6 per share. Issued 30,000 preference shares at par for cash. Issued 100,000 ordinary shares for a piece of land as future building site. The asking price for the land was P700,000. The fair value was P600,000. Issued 200,000 ordinary shares for cash at P7 per share. Issued 10,000 preference shares for cash at P54 per share. March 24 April 18 November 15

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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Required:
A. Journalize the foregoing transactions.
B. Prepare the share capital section of the stockholders’ equity as of December 31, 2018.

Sunrise Corporation, a food company, was established on January 2, 2018. It is authorized to issue 100,000 shares of 6%, P50 par value preference shares, and 600,000 shares of no par value ordinary shares with a stated value of P5 per share. It made the following share transactions during the year: February 12 March 2 Issued 120,000 ordinary shares for cash at P6 per share. Issued 30,000 preference shares at par for cash. Issued 100,000 ordinary shares for a piece of land as future building site. The asking price for the land was P700,000. The fair value was P600,000. Issued 200,000 ordinary shares for cash at P7 per share. Issued 10,000 preference shares for cash at P54 per share. March 24 April 18 November 15
Transcribed Image Text:Sunrise Corporation, a food company, was established on January 2, 2018. It is authorized to issue 100,000 shares of 6%, P50 par value preference shares, and 600,000 shares of no par value ordinary shares with a stated value of P5 per share. It made the following share transactions during the year: February 12 March 2 Issued 120,000 ordinary shares for cash at P6 per share. Issued 30,000 preference shares at par for cash. Issued 100,000 ordinary shares for a piece of land as future building site. The asking price for the land was P700,000. The fair value was P600,000. Issued 200,000 ordinary shares for cash at P7 per share. Issued 10,000 preference shares for cash at P54 per share. March 24 April 18 November 15
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