OBLE PROBLEMS Pr reholders' equity yei a. b. Problem 221 (ACP) Problem 22-1 5,000,000 200,000 2,000,000 Aroma Company reported the followin 000 shares, P100 par Ordinary share capital, 50, Share premium Subsequently, the following transactions occurred: Retained earnings among othe rs a. Treasury shares of 5,000 were acquired at P160 b. Assuming the treasury shares were reiss per share P1,000,000. c. Assuming the treasury shares were reissued for P7 Required: 00,000 1. Prepare journal entries to record the transactions 2. Prepare journal entry to record the retirement of the treasury shares, assuming the treasury shares are no reissued. The original issue price of treasury shares was P104 per share