Solution-What amount should be reported as share capital at

What amount should be reported as share capital at year-end

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Question - Perseverance Company at the beginning of current year was authorized to issue share capital of 100,000 shares with P50 Par value. The entity had the following share capital transactions during the year.

Jan. 1 Sold 80,000 shares at P60 per share.

May 1 Reacquired 4,000 treasury shares at P65 per share.

July 1 Approved a share split of 4 for 1.

Oct. 31 Issued a 10% share dividend when the market value of a share is P25.

Dec. 31 Reissued all of the treasury shares at P30.

Dec. 31 Net income for the year was P3,000,000.

Required -

1. What is the number of shares outstanding?

2. What amount should be reported as share capital at year-end?

3. What total amount should be reported as share premium at year-end?

4. What amount should be reported as total stockholders equity at year-end?

Reference no: EM133176181

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What amount should be reported as share capital at year-end

Reference no: EM133176181

Reference no: EM133176181

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