PROBLEM 18-15

Jan 1. Organization Cost 500,000

Land 2,500,000
Ordinary Shares 1,000,000
Share Premium-Ordinary Shares 2,000,000
Feb 20. Cash 1,800,000
Preference Shares 1,500,000
Share Premium-Preference Share 300,000
Commission Expense 50,000
Cash 50,000
March 10 Share Premium-Ordinary Share 200,000
Cash 200,000
Cash 6,500,000
Ordinary Shares 2,500,000
Share Premium-Ordinary Shares 4,000,000
April 1 Subscription Receivable 7,000,000
Subscribed Share Capital 2,000,000
Share Premium 5,000,000
July 15 Building 7,000,000
Ordinary Share 1,200,000
Share Premium- Ordinary Share 2,000,000
Preference Share 1,425,000
Share Premium-Preference Share 2,375,000
Cash 3,000,000
Ordinary Share 1,000,000
Preference Share 2,000,000
Aug 1 Cash 4,500,000
Subscription Receivable 4,500,000
Subscribed Share Capital 1,000,000
Ordinary Share 1,000,000
Treasury Shares 1,500,000
Subscription Receivable 1,500,000
Subscribed Share Capital 500,000
Ordinary Shares 500,000
Income Summary 3,000,000
Retained Earnings 3,000,000
Aug 31 Advances on Delinquency Sale 10,000
Cash 10,000
Cash 1,510,000
Subscription Receivable 1,500,000
Advances on Delinquency Sale 10,000
Subscribes Share Capital 5,000,000
Ordinary Share Capital 5,000,000
Income and Expense Summary 3,000,000
Retained Earnings 3,000,000