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How much is the balance of treasury share account

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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?

Reference no: EM132972172

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