NEED ASAP. Solve correctly and show your computations. In 2020, ABC Corporation issued 50,000 shares of P10 par value for P100 per share. In 2021, the entity reacquired 2,000 shares at P150 per share and immediately canceled these 2,000 shares. In connection with the retirement of shares, what amount should be debited to Share Premium, and Retained Earnings, respectively?
NEED ASAP. Solve correctly and show your computations. In 2020, ABC Corporation issued 50,000 shares of P10 par value for P100 per share. In 2021, the entity reacquired 2,000 shares at P150 per share and immediately canceled these 2,000 shares. In connection with the retirement of shares, what amount should be debited to Share Premium, and Retained Earnings, respectively?
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
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 24E
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NEED ASAP. Solve correctly and show your computations.
In 2020, ABC Corporation issued 50,000 shares of P10 par value for P100 per share. In 2021, the entity reacquired 2,000 shares at P150 per share and immediately canceled these 2,000 shares. In connection with the retirement of shares, what amount should be debited to Share Premium, and
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