Donation from Shareholders

Entity A receives the following donations from shareholders on December 25,20×1

a. Cash of P500,000

b. Equipment with a historical cost of P900,000 and fair value of P700,000

c. 10,000 shares with a par value of P100 and a fair value of P210. the shares were reissued on January 5, 20×2 for P220 each.

Provide the Journal Entries.

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