Question
Berna Company's shareholders' equity accounts at January 1, 2008 were as follows: (V7-35) Share capital, P20 parP8,000,000 Share premium2,550,000 Retained earnings1,275,000 All shares outstanding at
Berna Company's shareholders' equity accounts at January 1, 2008 were as follows: (V7-35)
Share capital, P20 parP8,000,000
Share premium2,550,000
Retained earnings1,275,000
All shares outstanding at January 1, 2008 were issued in 2005 for P26 a share. On January 4, 2008, Berna reacquired 20,000 shares at P24 a share and retired them.
______Immediately after the shares were retired, the balance in the "share premium" would be
a.P2,430,000b. 2,470,000c. 2,510,000d. 2,590,000
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Management and Cost Accounting
Authors: Colin Drury
10th edition
1473748873, 9781473748910 , 1473748917, 978-1473748873
