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An analysis of equity of Palestine Corporation as of January 1, 2019, is as follows: Share capital-ordinary, par value $20; authorized 100,000 shares; issued and
An analysis of equity of Palestine Corporation as of January 1, 2019, is as follows: Share capital-ordinary, par value $20; authorized 100,000 shares; issued and outstanding 90,000 shares $1,800,000 Share premium-ordinary 900,000 Retained earnings 760,000 Total $3.460.000 Palestine Corporation uses the cost method of accounting for treasury shares and during 2019 entered into the following transactions: Acquired 2.500 of its shares for $75,000. Sold 2.000 treasury shares at $35 per share. Sold the remaining treasury shares at $20 per share. Assuming no other equity transactions occurred during 2019 what should Palestine Corporation report on December 31, 2019, as total share premium (Ordinary and Treasury)
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