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What is credited for the excess of the reissue price

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Question - Day Company held 10,000 shares of P10 par value as treasury reacquired in 2015 for P120,000. On December 31, 2016, the entity reissued all 10,000 shares for P190,000. Under the cost method of accounting for treasury shares, what is credited for the excess of the reissue price over the cost of treasury shares?

a. Share capital of P100,000

b. Retained earnings of P70,000

c. Gain on sale of investment of P70,000

d. Share premium of P70,000

Reference no: EM132854300

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