12. On Jan. 1, 2019, Giron Corp. reported the following on its shareholders' equity section: Ordinary Shares, P5 par value, authorized 200,000 shares, issued 100,000 shares Share Premium-Ordinary Retained Earnings P 500,000 1,500,000 516,000 P2,516,000 Treasury Stock, at cost, 5,000 shares Total Shareholders' Equity (40,000) P2,476,000 The following events occurred in 2019: May 1: July 9: 1,000 shares of treasury stock were sold for P10,000. 10,000 shares of previousiy unissued ordinary shares were sold foř P12 per share. Oct. 1: The distribution of a 2-for-1 share split resulted in the ordinary shares' per share par value being halved. Giron accounts for treasury stock under the cost method. On Dec. 31, 2019, the total par value of the issued ordinary shares should be а. P550,000. b. P518,000. С. P291,000. d. P530,000.
12. On Jan. 1, 2019, Giron Corp. reported the following on its shareholders' equity section: Ordinary Shares, P5 par value, authorized 200,000 shares, issued 100,000 shares Share Premium-Ordinary Retained Earnings P 500,000 1,500,000 516,000 P2,516,000 Treasury Stock, at cost, 5,000 shares Total Shareholders' Equity (40,000) P2,476,000 The following events occurred in 2019: May 1: July 9: 1,000 shares of treasury stock were sold for P10,000. 10,000 shares of previousiy unissued ordinary shares were sold foř P12 per share. Oct. 1: The distribution of a 2-for-1 share split resulted in the ordinary shares' per share par value being halved. Giron accounts for treasury stock under the cost method. On Dec. 31, 2019, the total par value of the issued ordinary shares should be а. P550,000. b. P518,000. С. P291,000. d. P530,000.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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