Reference no: EM132616801
Ellison Company's statement of financial position shows:
Share capital-ordinary, P20 par P3,000,000
Share premium-ordinary 1,050,000
Retained earnings 750,000
Problem 1: Record the following transactions by the cost method.
(a) Bought 5,000 ordinary shares at P29 a share.
Treasury Shares
Cash
(b) Sold 2,500 treasury shares at P30 a share.
Cash
Treasury Shares
Share Premium--Treasury
(c) Sold 1,000 shares of treasury shares at P26 a share.
Cash
Share Premium-Treasury
Retained Earnings
Treasury Shares
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