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At year-end, Enan Company cancelled 5,000 shares of P50 par value held in treasury at an average cost of P120 per share. Before recording the
At year-end, Enan Company cancelled 5,000 shares of P50 par value held in treasury at an average cost of P120 per share. Before recording the cancelation of the treasury shares, the entity had the following balances: Share capital issued originally at P75 per share - 2,500,000 Share premium - 1,250,000 Retained earnings - 1,000,000 Treasury shares, at cost - 600,000 59-60 What amount should be debited to share capital at year-end? Blank 1 61-62 What amount should be debited to share premium at year-end? Blank 2 63-64 What amount should be debited to retained earnings at year-end? Blank 3
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