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he following accounts are shown on the statement of financial position of Phoenix Corporation         Share Capital, P 100 par, 1,000 shares                          P 100,000      Share Premium                                                                          2,000      Paid in Capital from Treasury Shares                                     2,000      Retained Earnings                                                                   75,000      Treasury shares, 200 shares at cost                                     25,000   All the 200 treasury shares were sold for P 22,000.  How would the resale of the treasury shares be recorded?

he following accounts are shown on the statement of financial position of Phoenix Corporation         Share Capital, P 100 par, 1,000 shares                          P 100,000      Share Premium                                                                          2,000      Paid in Capital from Treasury Shares                                     2,000      Retained Earnings                                                                   75,000      Treasury shares, 200 shares at cost                                     25,000   All the 200 treasury shares were sold for P 22,000.  How would the resale of the treasury shares be recorded?

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 6Q: The following data was reported by Saturday Corporation: Authorized shares: 30,000 Issued shares:...
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The following accounts are shown on the statement of financial position of Phoenix Corporation 

 

     Share Capital, P 100 par, 1,000 shares                          P 100,000

     Share Premium                                                                          2,000

     Paid in Capital from Treasury Shares                                     2,000

     Retained Earnings                                                                   75,000

     Treasury shares, 200 shares at cost                                     25,000

 

All the 200 treasury shares were sold for P 22,000.  How would the resale of the treasury shares be recorded?

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