The JHONG Corporation had the following balances in its Shareholders’ Equity accounts as of December 31, 2019: Ordinary Share Capital, P10, par, 20,000 shares issued P200,000; Additional Paid In Capital P80,000; Retained Earnings P100,000; Treasury Shares at cost (2,000 shares) P24,000. The following shareholders’ equity transactions took place in 2020 and 2021: 1. Dividends declared in 2020 were P22,000 and in 2021 were P 35,000. 2. Sold 1,000 Treasury shares at P15 per share in 2020 and 600 shares at P28 per share in 2021. 3. Issued an additional 1,500 new shares at P18 per share in 2021. 4. Net profit for 2020 was P80,000 and for 2021was P98,000. How much is the balance of the Treasury Shares account as of December 31, 2021?
The JHONG Corporation had the following balances in its Shareholders’ Equity accounts as of December 31, 2019: Ordinary Share Capital, P10, par, 20,000 shares issued P200,000; Additional Paid In Capital P80,000;
1. Dividends declared in 2020 were P22,000 and in 2021 were P 35,000.
2. Sold 1,000 Treasury shares at P15 per share in 2020 and 600 shares at P28 per share in 2021.
3. Issued an additional 1,500 new shares at P18 per share in 2021.
4. Net profit for 2020 was P80,000 and for 2021was P98,000.
How much is the balance of the Treasury Shares account as of December 31, 2021?
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