If a corporation reissued at P200 per share 100 shares of treasury stock that it had previously acquired for P280 per share and there wasn’t any Share Premium-Treasury it would debit a. Loss on Sale of Treasury Stock for P8,000 b. Share Premium-Ordinary for P8,000 c. Retained Earnings for P8,000 d. Treasury stock for P8,000 What letter has the right answer? Explain each why the other choices is not the answer.
If a corporation reissued at P200 per share 100 shares of treasury stock that it had previously acquired for P280 per share and there wasn’t any Share Premium-Treasury it would debit a. Loss on Sale of Treasury Stock for P8,000 b. Share Premium-Ordinary for P8,000 c. Retained Earnings for P8,000 d. Treasury stock for P8,000 What letter has the right answer? Explain each why the other choices is not the answer.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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If a corporation reissued at P200 per share 100 shares of
a. Loss on Sale of Treasury Stock for P8,000
b. Share Premium-Ordinary for P8,000
c.
d. Treasury stock for P8,000
What letter has the right answer? Explain each why the other choices is not the answer.
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