Ezekiel Company showed the following balances related to an issuance of ordinary share capital: Ordinary Share Capital.

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Question:

Ezekiel Company showed the following balances related to an issuance of ordinary share capital:

Ordinary Share Capital. P20 par, 200,000 shares P4,000,000

Ordinary Share Premium 1,000,000

The Company retired 2,000 shares of ordinary share capital.

Required:

1. Record the retirement of the 2,000 ordinary shares under each of the following assumptions:

a. The retirement price is P15

b. The retirement price is P30

2. State the number of capital shares issued and outstanding immediately after the retirement.

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0324300987

10th Edition

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

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Posted Date: Mar 26, 2020 01:30 AM

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Ezekiel Company showed the following balances related to an issuance of ordinary share capital: Ordinary Share Capital.

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Intermediate Accounting

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