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In 2019, NCTEX Incorporated issued 75,000 shares of P10 par value for P100 per share. In 2020, the entity reacquired 3,000 shares at P150 per
In 2019, NCTEX Incorporated issued 75,000 shares of P10 par value for P100 per share. In 2020, the entity reacquired 3,000 shares at P150 per share and immediately cancelled these 3,000 shares. In relation with the retirement of shares, what amount should be debited to share premium and retained earnings respectively?
Choose the correct answer:
a. P30,000 and P420,000
b. P270,000 and P150,000
c. P150,000 and P270,000
d. P420,000 and 0
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