Reference no: EM133189720
Questions -
Q1) At December 31, 2021, X Corporation had 20,000 shares of P1 par value treasury shares that had been acquired in 2021 at P12 per share. In May 2022, X Corporation issued 15,000 of these treasury shares at P10 per share. At December 31, 2022, what amount should X Corporation show in notes to financial statements as a restriction of retained earnings as a result of its treasury shares transactions?
Q2) ABC company reported the following shareholders' equity at the beginning of current year:
Share capital, P10 par, outstanding 225,000 shares 2,250,000
Share premium 900,000
Retained earnings 2,190,000
During the year, the entity had the following transactions: Acquired 6,000 treasury shares for P270,000. Sold 3,600 treasury shares at P50 a share. Sold the remaining treasury shares at P41 per share. What is the total amount of share premium at year-end?
Q3) Honda Company provided the following data during the first year of operations:
Sold 30,000 preference shares, 12%, P100 par, at P140.
Sold 100,000 ordinary shares of P50 par at P55.
Purchased and retired 10,000 preference shares at P120.
Purchased 15,000 ordinary shares at P52 to be held as treasury.
Sold 10,000 treasury ordinary shares at P60.
Shareholders donated to the entity 20,000 ordinary shares when shares had a market price of P60. One half of these shares were sold for P65.
Net income for the year was P3,000,000
Appropriated retained earnings equal to the remaining cost of treasury shares.
What amount should be reported as total share premium at year-end?
What amount should be reported as unappropriated retained earnings at year-end?
What amount should be reported as shareholders' equity?
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