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Perth Company held 20,000 shares of P5 par value as treasury reacquired in 2020 for P200,000. On December 20, 2020, the entity reissued all 20,000
Perth Company held 20,000 shares of P5 par value as treasury reacquired in 2020 for P200,000. On December 20, 2020, the entity reissued all 20,000 shares for P240,000. Under the cost method of accounting for treasury shares, what amount and account was credited for the excess of the re-issue price over the cost of treasury shares? Treasury Shares P200,000 o Treasury Shares 240,000 Share Premium - Treasury Shares P40,000 Share Premium - Ordinary Shares P40,000
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