In 2015, Rona Company issued 50,000 shares of P10 par value for P100 per share. In 2016, the entity reacquired 2,000 shares at P150 per share and immediately canceled these 2,000 shares.

1.In connection with the retirement of shares, what amount should be debited to share premium?

2.In connection with the retirement of shares, what amount should be debited to retained earnings?

The shareholders of Dorr Company approved a 2-for-1 split of the entity's share capital and an increase in authorized shares from 100,000 shares with P20 par value to 200,000 shares with P10 par value. The shareholders' equity accounts immediately before the split shares were share capital P1,000,000, share premium P150,000 and retained earnings P1,350,000

3.What is the balance of the share premium after the share split is effected?

4.What is the balance of the retained earnings after the share split is effected?

On January 1m 2016, Vey Company had 125,000 shares issued which included 25,000 shares held as treasury. January 1 through October 31 - 13,000 treasury shares were distributed to officers as part of a share compensation plan. November 1 a 3-for-1 share split took effect. December 1 - the entity purchased 5,000 of its own shares to discourage an unfriendly takeover. These shares were not retired.

5.On December 31, 2016, how many shares were issued?

6.On December 31, 2016, how many shares were outstanding?