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What amount should be reported as share capital outstanding

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Question - On December 31, 2013, Misakibara Company's board of directors canceled 5,000 shares of P50 par value held in treasury at an average cost of P120 per share. Before recording the cancellation of the treasury shares, the entity had the following balances in its shareholders' equity:

Share capital (50,000 shares originally issued at P75) 2,500,000

Share premium 1,250,000

Retained earnings 1,000,000

Treasury shares, at cost 600,000

Required - On December 31, 2013, what amount should be reported as share capital outstanding?

Reference no: EM132876242

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