Reference no: EM132945988
Questions -
Q1) On June 30, 2020, when Cuteness Inc. stock was selling at P65 per share, its equity accounts were as follows:
Share premium-ordinary 600,000
Share capital-ordinary (par value P50; 60,000 shares issued) P3,000,000
Retained earnings 4,200,000
If a 100% share dividend were declared and distributed, share capital-ordinary would be
a. No answer text provided.
b. P7,800,000
c. P3,000,000
d. P6,000,000
Q2) Raymond Corporation has 7,500 ordinary shares in its treasury with par value of P100 and cost of P120. The shares were originally issued for P110 per share. The account "Share premium - Treasury" had a balance of P30,000. At the end of 2020, Raymond decided to retire its treasury shares. Which of the following is incorrect?
A. Ordinary shares and Share Premium -ordinary will be debited by P750,000 and P75,000, respectively, as a result of the retirement of treasury shares.
B. Retained earnings will be debited by P45,000 when the treasury shares are retired.
C. Treasury shares account will be credited by P750,000 upon retirement.
D. Share premium - Treasury will have no balance at the end of the year after the retirement had been recorded.
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