**Refer to the following** The stockholders' equity section of Peter Corporation's balance sheet at December 31, 20X2, was as follows: - **Ordinary shares (₱10 par value, authorized: 1,000,000)** - Shares issued and outstanding: 900,000 shares - ₱9,000,000 - **Share premium:** ₱2,700,000 - **Retained earnings:** ₱1,600,000 On January 2, 20X3, Peter purchased and retired 100,000 shares of its stock for ₱1,800,000. Immediately after the retirement of these 100,000 shares, the balances in the share premium and retained earnings accounts should be: **Options:** - ☐ ₱900,000 Share Premium | ₱1,300,000 Retained Earnings - ☐ ₱1,900,000 Share Premium | ₱1,300,000 Retained Earnings - ☐ ₱2,400,000 Share Premium | ₱800,000 Retained Earnings - ☐ ₱1,400,000 Share Premium | ₱800,000 Retained Earnings

Refer to the following The stockholders' equity section of Peter Corporation's balance sheet at December 31, 20X2, was as follows: - Ordinary shares (₱10 par value, authorized: 1,000,000) - Shares issued and outstanding: 900,000 shares - ₱9,000,000 - Share premium: ₱2,700,000 - Retained earnings: ₱1,600,000 On January 2, 20X3, Peter purchased and retired 100,000 shares of its stock for ₱1,800,000. Immediately after the retirement of these 100,000 shares, the balances in the share premium and retained earnings accounts should be: Options: - ☐ ₱900,000 Share Premium | ₱1,300,000 Retained Earnings - ☐ ₱1,900,000 Share Premium | ₱1,300,000 Retained Earnings - ☐ ₱2,400,000 Share Premium | ₱800,000 Retained Earnings - ☐ ₱1,400,000 Share Premium | ₱800,000 Retained Earnings

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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Question

**Refer to the following**

The stockholders' equity section of Peter Corporation's balance sheet at December 31, 20X2, was as follows:

- **Ordinary shares (₱10 par value, authorized: 1,000,000)**
- Shares issued and outstanding: 900,000 shares
- ₱9,000,000

- **Share premium:** ₱2,700,000

- **Retained earnings:** ₱1,600,000

On January 2, 20X3, Peter purchased and retired 100,000 shares of its stock for ₱1,800,000. Immediately after the retirement of these 100,000 shares, the balances in the share premium and retained earnings accounts should be:

**Options:**

- ☐ ₱900,000 Share Premium | ₱1,300,000 Retained Earnings
- ☐ ₱1,900,000 Share Premium | ₱1,300,000 Retained Earnings
- ☐ ₱2,400,000 Share Premium | ₱800,000 Retained Earnings
- ☐ ₱1,400,000 Share Premium | ₱800,000 Retained Earnings

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