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Prepare journal entry to record the retirement of shares

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Reference no: EM132990539

Problem - Tin Company reported the following shareholders" equity:

Ordinary share capital, 50,000 shares, P100 par P5,000,000

Share premium 200,000

Retained earnings 2,000,000

Subsequently, the following transactions, among others occurred:

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

2) The treasury shares were reissued i. P1,000,000 ii. P700,000

Required -

a) Prepare journal entries to record the transactions.

b) Prepare Journal entry to record the retirement of the treasury shares, assuming the treasury shares are not reissued. The original issue price of treasury shares was P104 per share.

Reference no: EM132990539

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