question archive A) Purchased building by issuing 15%, P1, 500, 000 face value bonds
A) Purchased building by issuing 15%, P1, 500, 000 face value bonds
Subject:AccountingPrice:9.82 Bought3
A) Purchased building by issuing 15%, P1, 500, 000 face value bonds. On the date of acquisition, the fair value of the building is P2, 200, 000 while the bonds are quoted at 109.
Journal entry to record the purchase:
B) Purchased land by issuing 150, 000 shares of its P30 par value common shares in exchange. The shares have a quoted price of P64 per share on the date of purchase of the land.
Journal entry to record the transaction:
Option 1
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