Reference no: EM133118062
Question - The Shareholders' equity of Artista Corporation on December 31, 2019:
No. of shares issued and outstanding 100,000
Par value P20
Share capital 2,000,000
Share premium 500,000
Retained earnings 2,000,000
Shareholders' equity 4,500,000
During 2020, the transactions are:
On January 9, 2020, Artista acquires its own shares of 5,000 with a par value of P20.
The cost per share of the reacquired shares is P50.
On January 18, 2020, Artista reissues the treasury shares of 2,500 at a cost per share of P60.
On January 25, 2020, Artista reissues the treasury shares of 1,500 at a cost per share of P30.
Required -
1. What is the amount debited to Treasury shares on January 9, 2020?
2. What is the amount credited to Share premium - Treasury shares on January 18, 2020?
3. What is the amount debited to Retained earnings on January 25, 2020?
4. Assuming on February 5, 2020, all the 1,000 remaining treasury shares are retired, what is the amount debited to Retained earnings on that day?
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