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How much is the balance of treasury share account

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Reference no: EM132977719

Question - Presented below are the balances taken from the books of JJC 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. How much is the balance of Treasury Share account as of December 31, 2020?

Reference no: EM132977719

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