he following accounts are shown on the statement of financial position of Phoenix Corporation Share Capital, P 100 par, 1,000 shares P 100,000 Share Premium 2,000 Paid in Capital from Treasury Shares 2,000 Retained Earnings 75,000 Treasury shares, 200 shares at cost 25,000 All the 200 treasury shares were sold for P 22,000. How would the resale of the treasury shares be recorded?

he following accounts are shown on the statement of financial position of Phoenix Corporation Share Capital, P 100 par, 1,000 shares P 100,000 Share Premium 2,000 Paid in Capital from Treasury Shares 2,000 Retained Earnings 75,000 Treasury shares, 200 shares at cost 25,000 All the 200 treasury shares were sold for P 22,000. How would the resale of the treasury shares be recorded?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 5MCQ

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