An analysis of stockholders' equity of Hang Corporation as of January 1, 2020, is as follows: Common stock, par value P20; authorized 100,000 shares. issued and outstanding 90,000 shares Paid-in capital in excess of par Retained earnings P1,800,000 900,000. 760,000. Total P3,460,000 Hang uses the cost method of accounting for treasury stock and during 2020 entered the following transactions: Acquired 2,500 shares of its stock for P75,000. Sold 2,000 treasury shares at P35 per share. Sold the remaining treasury shares at P20 per share. Assuming no other equity transactions occurred during 2020, what should Hang report or December 31, 2020, as total additional paid-in capital?

An analysis of stockholders' equity of Hang Corporation as of January 1, 2020, is as follows: Common stock, par value P20; authorized 100,000 shares. issued and outstanding 90,000 shares Paid-in capital in excess of par Retained earnings P1,800,000 900,000. 760,000. Total P3,460,000 Hang uses the cost method of accounting for treasury stock and during 2020 entered the following transactions: Acquired 2,500 shares of its stock for P75,000. Sold 2,000 treasury shares at P35 per share. Sold the remaining treasury shares at P20 per share. Assuming no other equity transactions occurred during 2020, what should Hang report or December 31, 2020, as total additional paid-in capital?

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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