Question
18. JBL Company acquired 60,000 shares with P10 par value at P30 per share. During the current year, the entity issued 30,000 of these shares
18. JBL Company acquired 60,000 shares with P10 par value at P30 per share. During the current year, the entity issued 30,000 of these shares at P50 per share. The cost method is used in accounting for treasury shares. What accounts and amounts should be credited to record the issuance of the 30,000 shares?
a. Share capital P300,000 and share premium P1,200,000
b. Treasury shares P900,000 and share premium P600,000
c. Share capital P300,000, share premium P600,000, and retained earnings P600,000
d. Treasury shares P900,000 and retained earnings P600,00
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Global Strategy
Authors: Mike W. Peng
5th Edition
0357512367, 978-0357512364
