Solution-What is the amount of gain realized

What is the amount of gain realized

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Q1. Lexus Corporation purchased 15,000 shares of its P1 par ordinary shares at P10 and subsequently sold 10,500 shares at P20. What is the amount of gain realized from the sale that will be reported in the statement of comprehensive income?

P105,000

P94,500

P135,000

Q2. The articles of incorporation of Abby Corp. provides for the issuance of 150,000 shares of ordinary shares. Assume that 60,000 shares were originally issued and 7,500 were subsequently reacquired. Outstanding shares would be?

67,500

7,500

82,500

Q3. How would the declaration of a 15% share dividend by a corporation affect the retained earnings and total shareholders' equity, respectively?

Decrease; No effect

Decrease; Decrease

No effect; No effect

No effect; Decrease

Reference no: EM132948135

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What is the amount of gain realized

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