Reference no: EM132917079
Question - The shareholders' equity of the Gresolle as of December 31, 2019 was as follows:
Common stock, P10 par, authorized 300,000 shares; 250,000 shares issued and outstanding P2,500,000
Paid-in capital in excess of par P3,750,000
Retained earnings P1,800,000
On June 1, 2020, Gresolle reacquired 40,000 shares of its common stock at P40 per share. The following transactions occurred in 2020 with regard these shares:
July 1 Sold 15,000 treasury shares at P45.
July 15 2 for 1 share split
Aug. 15 Sold 34,000 treasury shares at P15
Sept. 1 Retired 2,000 shares.
Based on the above information provided, answer the following:
1. Determine the Treasury shares
a) 310,000
b) 280,000
c) 130,000
d) 205,000
2. Determine the Common shares
a) 2,490,000
b) 2,500,000
c) 2,460,000
d) 2,210,000
3. Determine the Paid-in capital in excess of Par
a) 3,750,000
b) 3,720,000
c) 3,735,000
d) 3,810,000
4. Paid-in capital from treasury shares
a) 150,000
b) 60,000
c) 75,000
d) 0
5. Retained earnings
a) 1,690,000
b) 1,810,000
c) 1,825,000
d) 1,905,000
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