In 2020, ION Corporation issued 50,000 shares of P10 par value for P100 per share. In 2021, the entity reacquired 2,000 shares at P150 per share and immediately canceled these 2,000 shares. In connection with the retirement of shares, what amount should be debited to Share Premium, and Retained Earnings, respectively?in 2020, ION Corporation issued 50,000 shares of P10 par value for P100 per share. In 2021, the entity reacquired 2,000 shares at P150 per share and immediately canceled these 2,000 shares. In connection with the retirement of shares, what amount should be debited to Share Premium, and Retained Earnings, respectively?

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Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.