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Ordinary shares, P10 par, authorized 300,000 shares; 250,000 shares issued and outstanding 2,500,000 Share premium - issuance Retained Earnngs 3,500,000 1,740,000 On June 1, 2018, Oman reacquires 40,000 ordinary shares at P40. The following transactions occurred in 2018 with regard to these shares July 1 Sold 15,000 shares at P48 Aug 1 Sold 19,000 shares at P27 Sep 1 Retired 1,000 shares The following entries were made by the company's accountant to record the preceding transactions: 2018 June 1 Treasury shares 1.600,000 Cash 1.600,000 July 1 Cash 720,000 Treesury shares 720,000 Aug-01 Cash 513.000 Treasury shares 513,000 Sep-01 Ordinary shares 10,000 Treasury shares 10,000 Based on the preceding information, determine the correct balances of the following accounts:

Ordinary shares, P10 par, authorized 300,000 shares; 250,000 shares issued and outstanding 2,500,000 Share premium - issuance Retained Earnngs 3,500,000 1,740,000 On June 1, 2018, Oman reacquires 40,000 ordinary shares at P40. The following transactions occurred in 2018 with regard to these shares July 1 Sold 15,000 shares at P48 Aug 1 Sold 19,000 shares at P27 Sep 1 Retired 1,000 shares The following entries were made by the company's accountant to record the preceding transactions: 2018 June 1 Treasury shares 1.600,000 Cash 1.600,000 July 1 Cash 720,000 Treesury shares 720,000 Aug-01 Cash 513.000 Treasury shares 513,000 Sep-01 Ordinary shares 10,000 Treasury shares 10,000 Based on the preceding information, determine the correct balances of the following accounts:

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 7EB: Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the...
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6. The shareholders' equity of the OMAN Company as of December 31, 2017 was as follows (refer to the attached photo below:

Find:

1. Treasury shares
2. Ordinary shares
3. Share Premium 
4. Share premium - treasury shares
5. 
            

Ordinary shares, P10 par, authorized 300,000 shares; 250,000 shares isued and outstanding 2,500,000 Share premium - issuance 3,500,000 Retained Earnngs 1,740,000 On June 1, 2018, Oman reacquires 40,000 ordinary shares at P40. The following transactions occurred in 2018 with regard to these shares July 1 Sold 15,000 shares at P48 Aug 1 Sep 1 Sold 19,000 stares at P27 Retired 1,000 shares The following entries were made by the company's accountant to record the preceding transactions: 2018 June 1 Treasury shares 1,600,000 Cash 1,600,000 July 1 Cash 720,000 Treasury shares 720,000 Aug-01 Cash 513,000 Tresury shares 513,000 Sep-01 Ordinary shares 10,000 Treasury shares 10,000 Based on the preceding information, determine the correct balances of the following accounts:
Transcribed Image Text:Ordinary shares, P10 par, authorized 300,000 shares; 250,000 shares isued and outstanding 2,500,000 Share premium - issuance 3,500,000 Retained Earnngs 1,740,000 On June 1, 2018, Oman reacquires 40,000 ordinary shares at P40. The following transactions occurred in 2018 with regard to these shares July 1 Sold 15,000 shares at P48 Aug 1 Sep 1 Sold 19,000 stares at P27 Retired 1,000 shares The following entries were made by the company's accountant to record the preceding transactions: 2018 June 1 Treasury shares 1,600,000 Cash 1,600,000 July 1 Cash 720,000 Treasury shares 720,000 Aug-01 Cash 513,000 Tresury shares 513,000 Sep-01 Ordinary shares 10,000 Treasury shares 10,000 Based on the preceding information, determine the correct balances of the following accounts:
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