At December 31, 2021, ABC had 20,000 shares of P1 par value treasury shares that had been acquired in 2021 at P12 per share. In May 2022, ABC issued 15,000 of these treasury shares at P10 per share. At December 31, 2022, what amount should ABC show in notes to financial statements as a restriction of retained earnings as a result of its treasury shares transactions? O 5.000 O 60,000 O 90.000 0 240.000
At December 31, 2021, ABC had 20,000 shares of P1 par value treasury shares that had been acquired in 2021 at P12 per share. In May 2022, ABC issued 15,000 of these treasury shares at P10 per share. At December 31, 2022, what amount should ABC show in notes to financial statements as a restriction of retained earnings as a result of its treasury shares transactions? O 5.000 O 60,000 O 90.000 0 240.000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
At December 31, 2021, ABC had 20,000 shares of P1 par value treasury shares that had been acquired in 2021 at P12 per
share. In May 2022, ABC issued 15,000 of these treasury shares at P10 per share. At December 31, 2022, what amount
should ABC show in notes to financial statements as a restriction of
transactions?
O 5.000
O 60,000
O 90.000
0 240.000
Transcribed Image Text:At December 31, 2021, ABC had 20,000 shares of P1 par value treasury shares that had been acquired in 2021 at P12 per
share. In May 2022, ABC issued 15,000 of these treasury shares at P10 per share. At December 31, 2022, what amount
should ABC show in notes to financial statements as a restriction of retained earnings as a result of its treasury shares
transactions?
O 5,000
O 60,000
O 90,000
O 240,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education