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What is the journal entry to record the transaction

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Problem - At year-end, Cariaso Company canceled 5,000 shares of P25 par value held in treasury at an average cost of P130 per share. Before recording the cancelation of the treasury shares, the entity had the following balances:

Share capital issued originally at P30 per share P625,000

Share premium 750,000

Retained earnings 900,000

Treasury shares, at cost 650,000

Required -

1. What is the share capital outstanding at year-end?

2. What is the journal entry to record the above transaction?

Reference no: EM132930142

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