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What is the total amount of share premium on December

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Reference no: EM132857364

Question - Gray Company reported the following shareholders' equity on January 1, 2020:

Share Capital, P10 par, outstanding 247,500 shares 2,475,000

Share premium 990,000

Retained earnings 2,409,000

During the current year, the entity had the following share transactions:

Acquired 6,600 treasury shares for 297,000

Sold 3,960 treasury shares at 50 a share

Sold the remaining treasury shares at P41 per share

Required - What is the total amount of share premium on December 31, 2020?

Reference no: EM132857364

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