Iron King Corporation had the following transactions during 2019: Jan. 1. Issued 6,000 ordinary shares at par of P100 in exchange for real property with a market value of P800,000. The corporation is authorized to issue 20,000 shares. Jan 15. Sold 8,000 shares at P120 Mar. 10. Purchased 800 of its shares at P150. June 12. Sold 400 treasury shares. Dec. 31 Profit for the year is P316,000. 1. Compute for the treasury shares as of December 31, 2019. 2. Compute for the total share premium (if any), as of December 31, 2019.
Iron King Corporation had the following transactions during 2019: Jan. 1. Issued 6,000 ordinary shares at par of P100 in exchange for real property with a market value of P800,000. The corporation is authorized to issue 20,000 shares. Jan 15. Sold 8,000 shares at P120 Mar. 10. Purchased 800 of its shares at P150. June 12. Sold 400 treasury shares. Dec. 31 Profit for the year is P316,000. 1. Compute for the treasury shares as of December 31, 2019. 2. Compute for the total share premium (if any), as of December 31, 2019.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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Iron King Corporation had the following transactions during 2019:
- Jan. 1. Issued 6,000 ordinary shares at par of P100 in exchange for real property with a market value of P800,000. The corporation is authorized to issue 20,000 shares.
- Jan 15. Sold 8,000 shares at P120
- Mar. 10. Purchased 800 of its shares at P150.
- June 12. Sold 400 treasury shares.
- Dec. 31 Profit for the year is P316,000.
1. Compute for the treasury shares as of December 31, 2019.
2. Compute for the total share premium (if any), as of December 31, 2019.
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