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What amount should be debited to share premium

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Reference no: EM132928388

Ozz Company issued 1,000,000 shares of P38 par value for P50 per share in year 2019. In 2020, the entity reacquired 200,000 shares at P67 per share. Immediately, all of these reacquired shares were retired.

Problem 1: What amount should be debited to share premium and retained earnings, respectively in connection of the retirement of the shares?

a. 11,000,000 2,400,000

b. 5,800,000 2,400,000

c. 3,400,000 2,400,000

d. 13,400,000 2,400,000

Reference no: EM132928388

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