**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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ABP signment/takeAssignmentMain.do?invoker3D&takeAssignmentSessionLocator=&inprogress=false Calculator Alliance Corp. issues 2,370 shares of $12 par value common stock at $15 per share. When the transaction is recorded, what credit entry or entries are made? Select the correct answer. Common Stock $35,550. Common Stock $7,110 and Retained Earnings $28,440. Common Stock $28,440 and Paid-in Capital in Excess of Par Value $7,110. Common Stock $28,440 and Paid-in Capital in Excess of Stated Value $7,11o. 4:03 PM
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XYZ Company sold 500 shares of treasury stock (from (c)) at $45 per share. DATE Debit Credit X/X
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