WebOn Jan. 1, 2024, the following accounts and their balances appeared in the ledger of Fuentes Corporation: Preference P9 Shares, P100 par, 10,000 shares authorized, 5,000 shared issued P500,000 Share Premium - Preference 80,000 Ordinary Shares, P20 par, 100,000 shares authorized, 75,000 shares issued 1,500,000 Share Premium - Ordinary … WebDec 31, 2024 · CARNE issued 60,000 shares of P100 stated value in exchange for land and factory building with total fair value of P9 million pesos. The value of land is thrice as much as the value of the building. What would be the entry of CARNE to record the transaction? a. Land 4,500,000 Building 1,500,000 Share Capital 6,000,000 b. Building 4,500,000

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WebThe Shareholders’ Equity of Purple Corporation showed the following: Ordinary Share capital, P 10 par, 900,000 shares issued P9,000,000; Ordinary Share Premium P2,700,000; Retained Earnings P1,300,000. On January 2, 2024, the corporation purchased and retired 100,000 shares of its share capital for P 1,800,000. a. WebNet income P370,000 Multiplied by normal corporate income tax 30% Income tax due and payable P129,500 2. Resident foreign corporation Gross income within P450,000 Deductions within 290,000 Net income P160,000 Multiplied by normal corporate income tax 30% Income tax due and payable P 56,000 Problem 12 – 9 C WebRSDV Corporation, a domestic corporation, owns twenty percent (20%) of the outstanding shares of UK Corporation, a non-resident foreign corporation (NRFC), since August 1, 2015. On May 1, 2024, it received dividends amounting to P1,000,000 from the said NRFC. On September 1, 2024, RSDV Corporation utilized P800,000 for its dividend payments. hobby shops in anchorage