Briones, Inc. has the following stock outstanding on Dec. 31, 2006: Ordinary Shares, P100 par, 100,000...

Transcribed Image Text:

Briones, Inc. has the following stock outstanding on Dec. 31, 2006: Ordinary Shares, P100 par, 100,000 shares authorized, 45,000 shares issued and outstanding Share Premium The following are the transactions that took place in 2007. Briones purchased 1,000 shares for P195 per share. Briones sold 600 of the shares purchased on Mar. 10 for P210 per share. Briones sold the 200 shares purchased on Mar. 10 for P190 per share. Oct. 15 Briones retired the remaining 200 shares. Mar. 10 June 19 Oct. 2 P4,500,000 3,600,000 Required: Journalize the above transactions. Briones, Inc. has the following stock outstanding on Dec. 31, 2006: Ordinary Shares, P100 par, 100,000 shares authorized, 45,000 shares issued and outstanding Share Premium The following are the transactions that took place in 2007. Briones purchased 1,000 shares for P195 per share. Briones sold 600 of the shares purchased on Mar. 10 for P210 per share. Briones sold the 200 shares purchased on Mar. 10 for P190 per share. Oct. 15 Briones retired the remaining 200 shares. Mar. 10 June 19 Oct. 2 P4,500,000 3,600,000 Required: Journalize the above transactions.