Reference no: EM132972172
Question - 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.
No other treasury share transaction occurred during the year.
Required - How much is the balance of Treasury Share account as of December 31, 2020?