Presented below are the balances taken from the books of Abacus Corporation on January 1, 2020: Ordinary Share Capital, 50 par 6,000,000 Subscribed Ordinary Share Capital 3,500,000 Subscriptions Receivable-Ordinary 2,450,000 Accumulated Profits-Free 4,950,000 Treasury Shares at Cost, #75/share 1,500,000 The following transactions took place in 2020: - April 15: 8,500 treasury shares were re-issued for $80 per share - May 1: Abacus received 500 ordinary shares from Mr. Perez as donation - May 30: 7,000 treasury shares were re-issued at $50 per share - June 5: All donated shares were sold for $50 per share No other treasury share transaction occurred during the year. How much is the balance of Treasury Share account as of December 31, 2020?
Presented below are the balances taken from the books of Abacus Corporation on January 1, 2020: Ordinary Share Capital, 50 par 6,000,000 Subscribed Ordinary Share Capital 3,500,000 Subscriptions Receivable-Ordinary 2,450,000 Accumulated Profits-Free 4,950,000 Treasury Shares at Cost, #75/share 1,500,000 The following transactions took place in 2020: - April 15: 8,500 treasury shares were re-issued for $80 per share - May 1: Abacus received 500 ordinary shares from Mr. Perez as donation - May 30: 7,000 treasury shares were re-issued at $50 per share - June 5: All donated shares were sold for $50 per share No other treasury share transaction occurred during the year. How much is the balance of Treasury Share account as of December 31, 2020?
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 2MC: Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College