Reference no: EM132759551
The shareholders equity of ANITA Corporation appears as follows:
Ordinary Shares, 50,000 shares ?100 par ?5,000,000
Share Premium 200,000
Retained Earnings 2,000,000
Treasury Shares, 5,000 were acquired at ?160/share
Problem 1: If the treasury shares were reissued for ?600,000, what will be the correct journal entry?
a. Treasury Shares 800,000
Cash 800,000
b. Memorandum entry Only
c. Cash 800,000
Share Premium 200,000
Treasury Shares 500,000
Retained Earnings 100,000
d. No correct answer
e. Cash 800,000
Treasury Shares 800,000
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