QuestionShare premium maybe debited in all of the following transactions exceptreissuance of treasury shares above costincurrence of stock issuance costsrecall of stockrights in exchange for cashretirement of shares below original issuance priceQuestion 8Entity A received a subscription for 2,000 shares at P18 per share on March 31,20x1. Entity A's shares have par value of P5 per share. Entity collected thesubscription receivable on May 15, 20x1. Which of the following statements iscorrect?Entity A should credit share premium for P13,000 on May 15, 20x1Entity A should credit share premium for P13,000 on March 31, 20x1Entity A should credit share premium for P26,000 on May 15, 20x1Entity A should credit share premium for P26,000 on March 31, 20x1Question 91The entry to record the reissuance of treasury shares at a price that exceeds theprevious reacquisition cost includes acredit to share premiumdebit to share premiumdebit to retained earningsnone of the above

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Question Share premium maybe debited in all of the following transactions except reissuance of treasury shares above cost incurrence of stock issuance costs recall of stockrights in exchange for cash retirement of shares below original issuance price

Question Share premium maybe debited in all of the following transactions except reissuance of treasury shares above cost incurrence of stock issuance costs recall of stockrights in exchange for cash retirement of shares below original issuance price

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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