ABC Corporation issued 1,000 shares of Php 20 par value ordinary shares at Php 24 per share.
Fantastic news! We've Found the answer you've been seeking!
Question:
ABC Corporation issued 1,000 shares of Php 20 par value ordinary shares at Php 24 per share. ABC Corporation reacquired 100 shares of its own stock at a cost of Php 30 per share. The entry to record the reacquisition is
I. Debit Share Premium - Treasury for Php 600 and Treasury Stock for Php 2,400
II. Debit Treasury Stock for Php 3,000
III. Credit Cash for Php 3,000
IV. Credit Share Premium-Treasury for Php 1,000
a. III and IV are correct
b. I and IV are correct
c. II and III are correct
d. I and II are correct
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date: