At December 31, 2020, BFAR Corp. had 20,000 treasury shares that had been re-acquired in 2020 at P14 per share. These shares have a par value of P8 per share. In May 2021, the company re-issued 6,000 of these treasury shares at P10 per share. On December 31, 2021, how much should be the amount of appropriation of accumulated profits from the above transactions, under the cost method?

At December 31, 2020, BFAR Corp. had 20,000 treasury shares that had been re-acquired in 2020 at P14 per share. These shares have a par value of P8 per share. In May 2021, the company re-issued 6,000 of these treasury shares at P10 per share. On December 31, 2021, how much should be the amount of appropriation of accumulated profits from the above transactions, under the cost method?

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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