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How much is the net credit to share premium

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Question 1. On January 1, 20x1, RISIBLE FUNNY Co. issued 1,000 shares with par value of $400 for $480 per share. Issuance costs incurred that are directly attributable to the equity transaction amounted to $20 per share. How much is the net credit to share  premium?

a. 80,000
b. 20,000
c. 60,000
d. 0

Question 2. The entry to record the reissuance of treasury shares above their original acquisition costs includes

a. A credit to share premium
b. A debit to share premium
c. A debit to retained earnings
d. B and C

Question 3. If shares are issued below par or issued value, the deficiency of the consideration received is recorded as "discount on share capital". The discount is presented in the statement of financial position as

a. A receivable from the shareholder concerned
b. A deduction in shareholders' equity
c. An addition in shareholders' equity
d. A and B

Reference no: EM132704098

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