Reference no: EM133178289
Questions -
Q1. Record the foregoing transactions.
The PYT Corporation has authorized shares of 250,000 with a par value of Php70. 100,000 shares were originally issued at par and 50,000 shares were subscribed at Php2 above par. During the year, the following transactions occurred:
Jan. 5 An additional 30,000 shares were issued at Php75 per share.
Feb. 11 2,500 of its own shares were reacquired by the company for Php150,000.
Sept. 30 A 10% share dividend was declared by the Board of Directors.
Dec. 31 The company realized a profit of Php470,000.
Q2. Record the acquisition and re-issuance of treasury shares based on the following:
The shareholders' equity section of ABC Co. revealed the following:
Ordinary Shares, Php50 par value, 10,000 shares Php500,000
Premium on Ordinary Shares 20,000
Retained Earnings 100,000
(a) The corporation acquired 2,000 of its own shares at Php50. Reissued 1,000 of these shares.
(b) The corporation acquired 2,000 of its own shares at Php55. Reissued 1,000 of these shares at Php60.olders' equity of
(c) The corporation acquired 2,000 of its own shares at Php48. Reissued 1,000 of these shares at Php50 and 1,000 at Php55.
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What is the amount of exchange gain or loss
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Differences between depreciation expense and impairment loss
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What is carrying amount of the liability on december
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Record the acquisition and re-issuance of treasury shares
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How many units were completed and transferred
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How much should the copy right be initially recognized
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What amount should be reported as interest income
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How much is the book value per ordinary share
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