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What y debit additional paid-in capital retained earnings

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Problem 1: In 200A, Y Company issued 5,000 shares of P10 par value common stock for P100 per share. In 200D. Y reacquired 2,000 of its shares at P150 per share from the estate of one of its deceased officers and immediately cancelled these 2,000 shares. Y uses the cost method in accounting for its treasury stock transactions. In connection with the retirement of these 2,000 shares, Y should debit Additional paid-in capital Retained earnings

a. P 20,000 P280,000

b. P100,000 P180,000

c. P180,000 P100,000

d. P280,000 0

Reference no: EM132936091

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