ARDWORK Corporation purchased 10,000 shares of its ₱10 par value ordinary shares for ₱120,000 on March 2, 2019. On December 18, 2019, HARDWORK reissued all 10,000 shares for ₱190,000. The issuance of treasury shares would include a credit to: a. Share premium of ₱70,000 b. Share capital of ₱100,000 c. Retained earnings of ₱70,000 d. Gain on sale of investment of ₱70,000

ARDWORK Corporation purchased 10,000 shares of its ₱10 par value ordinary shares for ₱120,000 on March 2, 2019. On December 18, 2019, HARDWORK reissued all 10,000 shares for ₱190,000. The issuance of treasury shares would include a credit to: a. Share premium of ₱70,000 b. Share capital of ₱100,000 c. Retained earnings of ₱70,000 d. Gain on sale of investment of ₱70,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 1MC

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