8. The capital accounts ofKay, Inc. on December 31,2011 are listed below.Preference Share Capital, P20 par, 20,000 sharesP400,000Ordinary Share Capital, P80, 50,000 shares4,000,000Share Premium - Preference160,000Share Premium-Ordinary600,000Retained Earnings360,000During the year ending December 31, 2012, the following summarizes the transactions affecting the shareholders'equity:April 301,000 preference shares were retired at P25 per share.June 152,000 treasury shares were purchased at P85 per share.June 30A 2-for-1 share split of the company's ordinary share was declared.July 31800 treasury shares were reissued at P50 per share.Dec. 31Profit for 2012 was P900,000. 9. Use the same informationgiven in Problem 8. Howmuch was the remaining costof the treasury shares onDecember 31, 2012?O a. P51,000O b. P96,000O c. P102,000O d. P136,000

Answered: 9. Use the same information given in…

9. Use the same information given in Problem 8. How much was the remaining cost of the treasury shares on December 31, 2012? O a. P51,000 O b. P96,000 c. P102,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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