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How much is the balance of treasury share account

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Reference no: EM132889497

Presented below are the balances taken from the books of Abacus Corporation on January 1, 2020:

Ordinary Share Capital, ?50 par ?6,000,000

Subscribed Ordinary Share Capital 3,500,000

Subscriptions Receivable-Ordinary 2,450,000

Accumulated Profits-Free 4,950,000

Treasury Shares at Cost, ?75/share 1,500,000

The following transactions took place in 2020:

April 15: 8,500 treasury shares were re-issued for ?80 per share

May 1: Abacus received 500 ordinary shares from Mr. Perez as donation

May 30: 7,000 treasury shares were re-issued at ?50 per share

June 5: All donated shares were sold for ?50 per share

Problem 1: No other treasury share transaction occurred during the year. How much is the balance of Treasury Share account as of December 31, 2020?

Reference no: EM132889497

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