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At th beginning of current year, Precious Company was organized with an authorization of 1,200,000 ordinary shares with a par value of P6 per share. -During the current year, the entity had the following share capital transactions: January July 5 Issued 675,000 shares at P10 per share d 28 Purchased 90,000 treasury shares at P11 per share Sold the 90,000 shares held in treasury at P18 per share December 31 The entity used the cost method to record the purchase and reissuance of the treasury shares. What total amount should be reported as share premium at year-end? a. 3,330,000 . 2,070,000 C. 2,700,000 0 000,00 00009 0 000 5 000.001

At th beginning of current year, Precious Company was organized with an authorization of 1,200,000 ordinary shares with a par value of P6 per share. -During the current year, the entity had the following share capital transactions: January July 5 Issued 675,000 shares at P10 per share d 28 Purchased 90,000 treasury shares at P11 per share Sold the 90,000 shares held in treasury at P18 per share December 31 The entity used the cost method to record the purchase and reissuance of the treasury shares. What total amount should be reported as share premium at year-end? a. 3,330,000 . 2,070,000 C. 2,700,000 0 000,00 00009 0 000 5 000.001

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...
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Problem 21-14 (IAA) At the beginning of current year, Precious Company was with a par value of P6 per share. organized with an authorization of 1,200,000 ordinary shares capital transactions: During the current year, the entity had the following share January July 5 Issued 675,000 shares at P10 per share share 28 Purchased 90,000 treasury shares at P11 per Sold the 90,000 shares held in treasury at P18 per share bein December 31 350,000 The entity used the cost method to record the purchase and reissuance of the treasury shares. What total amount should be reported as share premium at year-end? SH a. 3,330,000 b. 2,070,000 c. 2,700,000 d. 0 753 200 000.001 6: STABIL
Transcribed Image Text:Problem 21-14 (IAA) At the beginning of current year, Precious Company was with a par value of P6 per share. organized with an authorization of 1,200,000 ordinary shares capital transactions: During the current year, the entity had the following share January July 5 Issued 675,000 shares at P10 per share share 28 Purchased 90,000 treasury shares at P11 per Sold the 90,000 shares held in treasury at P18 per share bein December 31 350,000 The entity used the cost method to record the purchase and reissuance of the treasury shares. What total amount should be reported as share premium at year-end? SH a. 3,330,000 b. 2,070,000 c. 2,700,000 d. 0 753 200 000.001 6: STABIL
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