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Prepare the journal entries required for the following transactions:

March $1$ Rowland Corporation received $5,000$ shares of donated common stock from its stockholders. $($Note: The company had issued $15,000$ shares at par value of P $20)$

May $1$ Sold $3,000$ shares of donated stock at $P25$ per share.

July $1$ Sold the remaining donated shares at P $18.$

From the information in Test #$3,$ prepare the stockholders' equity section of the balance sheet as of $($a$)$ March $31,($b$)$ May $31,$ and $($c$)$ July $31$

Suppose that in Tests #$3$ and $4$ the $5,000$ shares of treasury stock had been purchased for $P110,000$ instead of being donated.

a$.$ What entries would be required to record the transactions?

b$.$ Prepare the stockholders' equity section as of March $31,$ May $31,$ and July $31.$

Presented below is the stockholders' equity of the balance sheet as of April $30.$

During the next eight months, selected transactions are:

May $10$ Received subscriptions to $5,000$ shares of preferred stock at $P102,$ Collocting half of the subscription price.

July $15$ Purchased $10,000$ shares of treasury common for P$600,000.$

Sept. $10$ Received $25\%$ of the subscription price of the preferred stock.

Oct. $25$ Sold $6,000$ shares of treasury common for $P420,000$

Dec. $10$ Received the balance due on preferred stock subscribed and issued the Shares.

Dec. $20$ Sold $3,000$ shares of treasury common for $P150,000.$

Dec. $29$ Retired the remaining $1,000$ shares of treasury common.

INSTRUCTIONS:

Prepare all entries necessary to record the above information.

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