The following capital accounts are shown in the statement of financial position of George Corporation: Ordinary...

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The following capital accounts are shown in the statement of financial position of George Corporation: Ordinary shares, 10,000 shares, par value P100 Premium on ordinary shares Share premium-treasury shares Accumulated profits and losses Treasury shares, 2,000 shares at cost P1,000,000 20,000 30,000 750,000 250,000 The entire 2.000 treasury shares were sold for P200,000. What would be the balance of the accumulated profits and losses account after this sale? The following capital accounts are shown in the statement of financial position of George Corporation: Ordinary shares, 10,000 shares, par value P100 Premium on ordinary shares Share premium-treasury shares Accumulated profits and losses Treasury shares, 2,000 shares at cost P1,000,000 20,000 30,000 750,000 250,000 The entire 2.000 treasury shares were sold for P200,000. What would be the balance of the accumulated profits and losses account after this sale?

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To determine the balance of the Accumulated Profits and Losses account after the sale of treasury sh... View the full answer