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What is the share premium balance on december

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Question - The following are Lyca Company's equity accounts at December 31, 2020:

Ordinary share capital, par value P10; authorized 200,000 shares; issued and outstanding 120,000 shares P1,200,000

Share premium 180,000

Retained earnings 720,000

Lyca Company uses the cost method of accounting for treasury shares. The following transactions occurred in 2021:

a. Acquired 8,000 ordinary shares for P144,000.

b. Sold 6,500 treasury shares at P20 per share.

c. Retired the remaining treasury shares

Using the information provided below, what is the share premium balance on December 31, 2021?

Reference no: EM133182687

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