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3. The shareholders' equity of Arena Company appears as follows: Ordinary share. 50,000 shares, P100 par 5,000,000 Additional paid in capital 200,000 Retained earnings 2,000,000
3. The shareholders' equity of Arena Company appears as follows: Ordinary share. 50,000 shares, P100 par 5,000,000 Additional paid in capital 200,000 Retained earnings 2,000,000 Subsequently, the following transactions, among others occurred: a. Treasury shares 5,000 were acquired at P160 per share. b. Assuming the treasury shares were reissued for P1,000,000. C. Assuming the treasury shares were reissued for P700,000. Required: 1. Journalized the indicated transactions. 2. Journalize the retirement of the treasury share, assuming the treasury share is not reissued
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