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What should be reported as share premium on december

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Reference no: EM133141519

Question - An analysis of the shareholders' equity of Reanne Company on January 1, 2020 is as follows: Share capital, P20 par 2,400,000 Share premium 280,000 Retained earnings 1,540,000 Reanne uses the cost method of accounting for treasury shares. During the 2020, entity acquired 2,000 treasury shares for P70,000, sold 1,200 of the treasury shares at P40 per share and retired the remaining treasury shares. No other equity transactions occurred during 2020. What should be reported as share premium on December 31, 2020?

Reference no: EM133141519

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