The shareholders' equity section of Hugh, Inc.'s statement of financial position at December 31, 2018 is shown below:

The company sold 200 treasury shares at P65 per share during January 2019. Likewise, it sold another 200 treasury share at P72 per share in February 2019, then retired and cancelled the remaining treasury shares in the same month. There were no other transactions affecting the company's shareholders' equity during the two-month period January to February 2019.

1. What is the balance of the Treasury Shares account at February 28, 2019? 2. What is the balance of the Paid in Capital from Treasury Shares account at February 28, 2019? 3. What is the balance of the Total Shareholders' Equity after effect of such transaction?

Required: Computation for questions 1, 2 and 3 and give the journal entries of the selling and retirement of treasury stocks' transactions.

Contributed Capital Ordinary Share Capital, P50 par, 50,000 shares authorized: 30.000 shares issued: 500 shares held in the treasury Share Premium Paid in Capital from Treasury Shares Total Contributed Capital Retained Earnings Total Contributed Capital and Retained Earnings Less: Treasury Shares, at cost (500 shares) Total Shareholders' Equity P 1.500,000 300,000 1,200 1,801,200 850,000 2.651.200 35,000 P 2.616,200