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What account should nas credit to record the sale

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Reference no: EM132969416

Question - Answer the following questions:

1. On September 1, 2019, XYZ Company reacquired 12,000 shares of its P10 par value ordinary shares for P15 per share. XYZ uses the cost method to account for treasury shares. The journal entry to record the reacquisition of the shares should debit:

2. On April 1, 2019, DEF Corp., a newly formed company, had the following stock issued and outstanding:

Ordinary shares, P1 par value, 20,000 shares originally issued for P30 per share.

Preference shares, P10 par value, 6,000 shares originally issued for P50 per share.

DEF's April 1, 2019, statement of shareholders' equity should report

3. NAS Company acquired 6,000 shares of its own ordinary shares at P20 per share on February 5, 2018, and sold 3,000 of these shares at P27 per share on August 9, 2019. The fair value of NAS's ordinary shares was P24 per share at December 31, 2018, and P25 per share at December 31, 2019. The cost method is used to record treasury shares transactions. What account(s) should NAS credit in 2019 to record the sale of 3,000 shares?

Reference no: EM132969416

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