provide explanations.

Exercise 1 (Retirement of share capital) Ezekiel Company showed the following balances related to an issuance of ordinary share capital: Ordinary Share Capital. P20 par, 200,000 shares P4,000,000 Ordinary Share Premium 1,000,000 The Company retired 2,000 shares of ordinary share capital. Required: 1. Record the retirement of the 2,000 ordinary shares under each of the following assumptions: a. The retirement price is P15 b. The retirement price is P30 2. State the number of capital shares issued and outstanding immediately after the retirement