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What amount should memory foam corp

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Reference no: EM132718745

Problem 1: At December 31, 2010, Memory Foam Corp. had 20,000 shares of P5 par value treasury stock that had been acquired in 2019 at P12 per share. In May, 2020, Memory Foam Corp. issued 15,000 of these treasury shares at P10 per share. The cost method is used to record treasury stock transactions. At December, 2020, what amount should Memory Foam Corp. show as a restriction of Retained Earnings as a result of its treasury stock transactions?

a. P90,000

b. P60,000

c. P20,000

d. P10,000

Reference no: EM132718745

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