Question
The shareholders equity account balance of Guide Corporation as of December 31, 2019 are as follows: Ordinary share, P100 par, 50,000 shares Authorized, 25,000 shares
The shareholders equity account balance of Guide Corporation as of December 31, 2019 are as follows:
Ordinary share, P100 par, 50,000 shares
Authorized, 25,000 shares issued P2,500,000
Share Premium 500,000
Accumulated Profits/Retained earnings 1,000,000
Treasury shares, 2,000 shares at cost ( 320,000)
Total P3,680,000
On January 2, 2020, Guide sold the treasury shares on the open market at P200 per share.
What is the effect on the shareholders equity as a result of the sale of treasury shares?
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The Power Of Accounting What The Numbers Mean And How To Use Them
Authors: Lawrence Lewis
1st Edition
0415884306, 978-0415884303
