Reference no: EM133123463
Question - The Millennium Company had 100,000 shares of Ordinary Share Capital on December 31, 2015. Its statement of financial position on that date showed the following shareholders' equity balances:
Ordinary Share Capital, P10 par P1,000,000
Share Premium 300,000
Retained Earnings 900,000
The following treasury share transactions took place in 2016:
1. Purchased 10,000 ordinary shares at P14 per share.
2. Sold 4,000 of the treasury shares above at P15 per share.
3. Sold 5,000 of the treasury shares above at P13 per share.
4. Retired the remaining treasury shares.
Required -
a. Prepare the entries in the books of Millennium Company to record the foregoing transactions.
b. Determine the total shareholders' equity at December 31, 2016, assuming that profit for the year was P280,000 and cash dividends declared were P200000.
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