In 2014, Rona Company issued 5,000 shares of P10 par value for P100 per share. In 2015, the entity acquired 2,000 of the shares at P150 per share and immediately cancelled these 2,000 of the shares at P150 per share and immediately cancelled these 2,000 shares. In connection with the retirement of the shares, what amount is debited respectively to share premium and retained earnings?
In 2014, Rona Company issued 5,000 shares of P10 par value for P100 per share. In 2015, the entity acquired 2,000 of the shares at P150 per share and immediately cancelled these 2,000 of the shares at P150 per share and immediately cancelled these 2,000 shares. In connection with the retirement of the shares, what amount is debited respectively to share premium and retained earnings?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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26. In 2014, Rona Company issued 5,000 shares of P10 par value for P100 per share. In 2015, the entity acquired 2,000
of the shares at P150 per share and immediately cancelled these 2,000 of the shares at P150 per share and
immediately cancelled these 2,000 shares. In connection with the retirement of the shares, what amount is debited
respectively to share premium and
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