The stockholders equity section of K Pop Corp balance sheet at December 31, 2019 was as follows: Ordinary shares P10 par authorized 1,000,000 shares, issue and Outstanding 900,000) P9,000,000 Share premium 2,700,000 Retained Earnings 1,300,000 On Jan 2, 2020 K Pop purchased and retired 100,000 shares of the stocks for P1,800,000. Immediately after retirement of these 100,000 shares, balances of the share premium and retained earnings account respectively should be :
The
Ordinary shares P10 par authorized 1,000,000 shares, issue and Outstanding 900,000) P9,000,000
Share premium 2,700,000
On Jan 2, 2020 K Pop purchased and retired 100,000 shares of the stocks for P1,800,000. Immediately after retirement of these 100,000 shares, balances of the share premium and retained earnings account respectively should be :
Step by step
Solved in 3 steps with 3 images
