Valix Finacc vol 1 Problem 15-8

Financial Accounting Volume 1 2008 Valix-Peralta
Chapter 1 Problem 15-8

1. Building                                                                                            7,000,000

          Cash                                                                                                                1,000,000

           Share capital                                                                                                  5,000,000

           Share premium                                                                                               1,000,000

                                                                                                                                               

2. Land                                                                                                            1,500,000

           Income from donation                                                                                              1,500,000

3. Machinery (800,000 x 95%)                                                                   760,000

          Cash                                                                                                                   760,000

4. Equipment                                                                                          200,000

          Note payable                                                                                                    200,000