Please answer asap! UPVOTE will be given! No long explanation needed. At December 31, 2020, GMA Corp. had 20,000 treasury shares that had been re-acquired in 2020 at ₱11 per share. These shares have a par value of ₱8 per share. In May 2021, the company re-issued 3,000 of these treasury shares at ₱10 per share. On December 31, 2021, how much should be the amount of appropriation of accumulated profits from the above transactions, under the cost method?
Please answer asap! UPVOTE will be given! No long explanation needed. At December 31, 2020, GMA Corp. had 20,000 treasury shares that had been re-acquired in 2020 at ₱11 per share. These shares have a par value of ₱8 per share. In May 2021, the company re-issued 3,000 of these treasury shares at ₱10 per share. On December 31, 2021, how much should be the amount of appropriation of accumulated profits from the above transactions, under the cost method?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Please answer asap! UPVOTE will be given! No long explanation needed.
At December 31, 2020, GMA Corp. had 20,000 treasury shares that had been re-acquired in 2020 at ₱11 per share. These shares have a par value of ₱8 per share. In May 2021, the company re-issued 3,000 of these treasury shares at ₱10 per share. On December 31, 2021, how much should be the amount of appropriation of
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education