ABC Company reported the following in its statement of shareholders' equity on January 1, 2019: Ordinary share capital, P5 par value, 200,000 shares authorized; 500,000 100,000 shares issued Share premium 1,500,000 Retained earnings 516,000 Total 2,516,000 Less: treasury shares, 5,000 shares at cost 40,000 Total shareholders' equity 2,476,000 The following events occurred in 2019: May 1 1,000 treasury shares were sold for P10,000. July 9 10,000 shares of previously unissued ordinary shares were sold for P12 per share. October 1 The distribution of a 2-for-1 share split resulted in the ordinary share's par value being halved.

ABC Company reported the following in its statement of shareholders' equity on January 1, 2019: Ordinary share capital, P5 par value, 200,000 shares authorized; 500,000 100,000 shares issued Share premium 1,500,000 Retained earnings 516,000 Total 2,516,000 Less: treasury shares, 5,000 shares at cost 40,000 Total shareholders' equity 2,476,000 The following events occurred in 2019: May 1 1,000 treasury shares were sold for P10,000. July 9 10,000 shares of previously unissued ordinary shares were sold for P12 per share. October 1 The distribution of a 2-for-1 share split resulted in the ordinary share's par value being halved.

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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