Presented below are the balances taken from the books of Abacus Corporation on January 1, 2020: Ordinary Share Capital,
Posted: Tue Jul 05, 2022 11:47 am
Presented below are the balances taken from the books of AbacusCorporation on January 1, 2020:Ordinary Share Capital, ₱50 par ₱ 6,000,000Subscribed Ordinary Share Capital 3,500,000Subscriptions Receivable-Ordinary 2,450,000Accumulated Profits-Free 4,950,000Treasury Shares at Cost, ₱75/share 1,500,000
The following transactions took place in 2020:- April 15: 8,500 treasury shares were re-issued for ₱80 pershare- May 1: Abacus received 500 ordinary shares from Mr. Perez asdonation- May 30: 7,000 treasury shares were re-issued at ₱50 pershare- June 5: All donated shares were sold for ₱50 per share
No other treasury share transaction occurred during theyear.
How much is the balance of Treasury Share account as ofDecember 31, 2020?
The following transactions took place in 2020:- April 15: 8,500 treasury shares were re-issued for ₱80 pershare- May 1: Abacus received 500 ordinary shares from Mr. Perez asdonation- May 30: 7,000 treasury shares were re-issued at ₱50 pershare- June 5: All donated shares were sold for ₱50 per share
No other treasury share transaction occurred during theyear.
How much is the balance of Treasury Share account as ofDecember 31, 2020?