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What amount should be recorded as treasury shares

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Problem 1: In 2020, FT Corporation acquired 12,000 shares of its P1 par value ordinary shares at P36 per share. During 2021, the corporation issued 6,000 of these shares at P40 per share. It uses the cost method to account for its treasury stock transactions. As a result of the treasury stock transaction, what amount should be recorded as Treasury shares in 2021?

Option 1: P24,000

Option 2: P216,000

Option 3: P240,000

Option 4: P432,000

Reference no: EM132941101

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