Question
Question 20: On September 1, 2020, Baldez Company reacquired 16,000 shares of its P 10 par value common share for P 15 per share. Baldez
Question 20:
On September 1, 2020, Baldez Company reacquired 16,000 shares of its P 10 par value common share for P 15 per share. Baldez uses the cost method to account for treasury share. The journal entry to record the reacquisition of the share should debit
a. Common Share for P 160,000 and Paid-in Capital in Excess of Par for P 60,000.
b. Treasury Share for P 160,000.
c. Treasury Share for P 240,000.
d. Common Share for P 160,000.
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Payroll Accounting
Authors: Bernard J. Bieg, Judith A. Toland
2013 edition
113396253X, 978-1133962533
