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Determine the amount of share premium-treasury

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Question - HH Corporation started business in 2013 by issuing 200,000 shares of P20 par ordinary shares for P36 each. In 2018, 20,000 of these shares were purchased for P52 per share by HH Corporation and held as treasury shares. On June 15, 2019, these 20,000 shares were exchanged for a piece of property that had an assessed value of P810,000. HH's shares are actively traded and had a fair price of P60 on June 15, 2019. The cost method is used to account for treasury shares. Determine the amount of share premium-treasury resulting from the above events?

Reference no: EM132982544

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