Question: Answer and choose the correct answer immediately BC Corporation has 7,500 ordinary shares in its treasury with par value of P100 and cost of P120.

Answer and choose the correct answer immediately BC Corporation has 7,500

Answer and choose the correct answer immediately

BC Corporation has 7,500 ordinary shares in its treasury with par value of P100 and cost of P120. The shares were originally issued for P110 per share. The account "Share premium - Treasury" had a balance of P30,000. At the end of 2020, BC CORP. decided to retire its treasury shares. Which of the following is incorrect? Choose the correct answer: Treasury shares account will be credited by P900,000 upon retirement Share premium - Treasury will have no balance at the end of the year after the| retirement had been recorded. Retained earnings will be debited by P75,000 when the treasury shares are retired. Ordinary shares and Share Premium ordinary will be debited by P750,000 and P75,000, respectively, as a result of the retirement of treasury shares

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