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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

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
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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8. The capital accounts of Kay, Inc. on December 31, 2011 are listed below. Preference Share Capital, P20 par, 20,000 shares P400,000 Ordinary Share Capital, P80, 50,000 shares 4,000,000 Share Premium - Preference 160,000 Share Premium-Ordinary 600,000 Retained Earnings 360,000 During the year ending December 31, 2012, the following summarizes the transactions affecting the shareholders' equity: April 30 1,000 preference shares were retired at P25 per share. June 15 2,000 treasury shares were purchased at P85 per share. June 30 A 2-for-1 share split of the company's ordinary share was declared. July 31 800 treasury shares were reissued at P50 per share. Dec. 31 Profit for 2012 was P900,000.
Transcribed Image Text:8. The capital accounts of Kay, Inc. on December 31, 2011 are listed below. Preference Share Capital, P20 par, 20,000 shares P400,000 Ordinary Share Capital, P80, 50,000 shares 4,000,000 Share Premium - Preference 160,000 Share Premium-Ordinary 600,000 Retained Earnings 360,000 During the year ending December 31, 2012, the following summarizes the transactions affecting the shareholders' equity: April 30 1,000 preference shares were retired at P25 per share. June 15 2,000 treasury shares were purchased at P85 per share. June 30 A 2-for-1 share split of the company's ordinary share was declared. July 31 800 treasury shares were reissued at P50 per share. Dec. 31 Profit for 2012 was P900,000.
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 O c. P102,000 O d. P136,000
Transcribed Image Text: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 O c. P102,000 O d. P136,000
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