# Clues Los e Fundamentals Acresting 435 Problem 5: Retirement of Shares Macapinlac Corporation has the following accounts in its shareholders equity on February 1, 20x1: us Ordinary shares, P100 par, 100,000 shares issued and outstanding Share premium Retained earnings 10,000,000 2,000,000 3,000,000 The entity acquired and retired 5,000 shares. Required: Prepare the journal entry: Case 1: The entity retired the shares at P80 per shares Case 2: The entity retired the shares at P150 per share