Reference no: EM132888796
The shareholders' equity of Track Corp. as of January 1, 2018 is as follows:
Ordinary Share Capital, P20 par, 200,000 shares authorized; 120,000 shares issued and outstanding - P2,400,000
Share Premium - 280,000
Retained Earnings - 1,540,000
Track Corp. recorded the following transactions during 2018:
(a) Acquired 2,000 shares of its ordinary share capital for P70,000
(b) Sold 1,200 treasury shares at P42 per share
(c) Retired the remaining treasury shares
Problem 1: Assuming no other equity transactions occurred during 2018, what should Tack Corp. report at December 31, 2018 as additional paid in capital?
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