Reference no: EM132772267
The Millennium Company has 100,000 shares of Ordinary Share Capital on December 31,2015. In statement of financial position on that date showed the following shareholder's equity balances:
Ordinary Share Capital P10 par P1,000,000
Share Premium 300,000
Retained Earnings 900,000
The followibg treasury shares transactions took place in 2016:
1. Purchased 10,000 ordinary shares at P14 per share
2. Sold 4,000 of the treasury shares above at P15 per share
3. Sold 5,000 of the treasury shares above at P13 per share
Required:
Problem A. Prepare the entries on the books of The Millenium Company to record the foregoing transactions
Problem B. Determine the total shareholder's equity at December 31, 2016, assuming that the profit for the year was P280,000 and cash dividends declared was 200,000
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