Reference no: EM132730978
The Dec. 31, 2018 shareholders' equity section of Refozar Corporation's statement of financial position is as follows:
Refozar Corporation
Partial Statement of Financial Position
December 31, 2018
Shareholders' Equity
Share Capital
Ordinary shares, P4 par, 200,000 shares authorized, 150,000 shares issued and outstanding P 600,000
Share Premium 375,000
Total Share Capital P 975,000
Retained Earnings 365,000
Total Shareholders' Equity P 1, 340,000
Required:
Problem 1: Prepare the journal entries to record the following transactions that took place during January 2019:
Jan 4 Purchased 24,000 shares of its own Refozar's stock for P168,000.
Jan 10 Sold 4,000 shares of the treasury stock for P9 per share.
Jan 29 Sold 14,000 shares of the treasury stock for P6 per share.
Jan 31 Sold the remaining 6,000 shares of treasury stock for P7 per share.