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Prepare journal entries related to independent assumptions

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Reference no: EM132919583

Treasury Shares, Reissuance and Retirement

The shareholder's equity of ANITA Co appears as follows:

Ordinary shares, 50,000 shares, 100 par 5,000,000

Share premium 200,000

Accumulated profits 2,000,000

Treasury shares 5,000 were acquired at P160 per share.

Required:

Problem 1: Prepare the journal entries related to the following independent assumptions that the treasury shares were reissued for:

1. 800,000

2. 1,000,000

3. 600,000

4. The 2,500 of the treasury shares were reissued for P180 per share and the other 2,500 were retired.

Reference no: EM132919583

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