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How much is the balance of Treasury Share account as of December 31, 2020?

How much is the balance of Treasury Share account as of December 31, 2020?

FINANCIAL ACCOUNTING
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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Presented below are the balances taken from the books of Abacus Corporation on January 1, 2020: Ordinary Share Capital, 50 par 6,000,000 Subscribed Ordinary Share Capital 3,500,000 Subscriptions Receivable-Ordinary 2,450,000 Accumulated Profits-Free 4,950,000 Treasury Shares at Cost, $75/share 1,500,000 The following transactions took place in 2020: - April 15: 8,500 treasury shares were re-issued for $80 per share - May 1: Abacus received 500 ordinary shares from Mr. Perez as donation - May 30: 7,000 treasury shares were re-issued at $50 per share - June 5: All donated shares were sold for $50 per share No other treasury share transaction occurred during the year. How much is the balance of Treasury Share account as of December 31, 2020?
Transcribed Image Text:Presented below are the balances taken from the books of Abacus Corporation on January 1, 2020: Ordinary Share Capital, 50 par 6,000,000 Subscribed Ordinary Share Capital 3,500,000 Subscriptions Receivable-Ordinary 2,450,000 Accumulated Profits-Free 4,950,000 Treasury Shares at Cost, $75/share 1,500,000 The following transactions took place in 2020: - April 15: 8,500 treasury shares were re-issued for $80 per share - May 1: Abacus received 500 ordinary shares from Mr. Perez as donation - May 30: 7,000 treasury shares were re-issued at $50 per share - June 5: All donated shares were sold for $50 per share No other treasury share transaction occurred during the year. How much is the balance of Treasury Share account as of December 31, 2020?
During 2020, Mango Corporation had the following treasury share transactions: - Acquired 3,500 ordinary shares to be held as treasury shares for $354,000 - Re-issued 750 ordinary treasury shares for $120 - Acquired additional 1,200 ordinary shares at $132,000 to be held as treasury shares - Sold 3,600 treasury shares at $115 per share Assuming no other treasury share transactions occurred after, how much is the appropriation for treasury shares by the end of the year?
Transcribed Image Text:During 2020, Mango Corporation had the following treasury share transactions: - Acquired 3,500 ordinary shares to be held as treasury shares for $354,000 - Re-issued 750 ordinary treasury shares for $120 - Acquired additional 1,200 ordinary shares at $132,000 to be held as treasury shares - Sold 3,600 treasury shares at $115 per share Assuming no other treasury share transactions occurred after, how much is the appropriation for treasury shares by the end of the year?
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