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Journal entry to record the exercise of the share rights

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Question - A Company holds 20,000 shares with a cost of P2,000,000. Subsequently, the shareholder received 20,000 share rights to subscribe for new shares for P80 for every 2 rights held. The market value of the share is P250. A Company exercised all share rights. Before the year ended, A Company sold half of the shares it holds for P2,750,000.

-Journal entry to record the exercise of the share rights.

-Journal entry to record the sale.

Reference no: EM133005878

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