1 Issued for cash 62,500 preference shares at par, and 125,000 ordinary shares f The Integrity Corporation was incorporated on January 1, 2014 with authorized capital 250,000 shares of P100 par value...

Extracted text: 1 Issued for cash 62,500 preference shares at par, and 125,000 ordinary shares f The Integrity Corporation was incorporated on January 1, 2014 with authorized capital 250,000 shares of P100 par value 10% preference share capital and 500,000 shares of P Chapter 8- Organization and Formation of a Corporation 314 Chapter 8 EXERCISES Exercise Exercise 8 -1 (Issuance of Par Value Share Capital for Cash) The Sec shares c share. stated value ordinary share capital. The shares were issued during 2014 as follows Instruc of the Jan. indeper P25. May 1 Issued for cash 25,000 preference shares for P3,000,000. 1. 2. 3. Dec. 1 Issued for cash 25,000 ordinary shares for P600,000. Exerci Consic Instructions: Prepare the journal entries to record the foregoing transactions, including authorized share capital, assuming the use of: a. memorandum entry method. b. journal entry method The Ju a state capita.