The following are data pertaining to ABC Corporation: Ordinary share Capital, with par value of P50, 18,500 issued shares 925.000 Additional Paid in Capital 125.000 Retained Earnings 4,500,000 Shareholder's Equity 5.550.000 The following transactions took place: Aug 10- Reacquired 4,000 ordinary shares for treasury at P60 per share Aug 12- 1,500 treasury shares were sold at P62 per share Aug 20- Another 1,500 treasury shares were sold at P55 per share Aug 31- 500 treasury shares were retired Required: Journalize each transaction and compute for the new balance of Shareholder's Equity.
The following are data pertaining to ABC Corporation: Ordinary share Capital, with par value of P50, 18,500 issued shares 925.000 Additional Paid in Capital 125.000 Retained Earnings 4,500,000 Shareholder's Equity 5.550.000 The following transactions took place: Aug 10- Reacquired 4,000 ordinary shares for treasury at P60 per share Aug 12- 1,500 treasury shares were sold at P62 per share Aug 20- Another 1,500 treasury shares were sold at P55 per share Aug 31- 500 treasury shares were retired Required: Journalize each transaction and compute for the new balance of Shareholder's Equity.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following are data pertaining to ABC Corporation:
Ordinary share Capital, with par value of P50, 18,500 issued shares
925.000
Additional Paid in Capital
125.000
Retained Earnings
4,500,000
Shareholder's Equity
5.550.000
The following transactions took place:
Aug 10- Reacquired 4,000 ordinary shares for treasury at P60 per share
Aug 12- 1,500 treasury shares were sold at P62 per share
Aug 20- Another 1,500 treasury shares were sold at P55 per share
Aug 31- 500 treasury shares were retired
Required: Journalize each transaction and compute for the new balance of Shareholder's Equity.
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