Al Anwar Company has 10,000 shares authorized, OMR2 par value, 4,000 shares issued and outstanding ordinary shares and 5% cumulative, non - participating, 5,000 shares authorized, OMR10 par value, 1000 shares issued and outstanding preference shares. The company repurchased 400 ordinary shares at a cost of OMR5 per share. The company later reissued 80% of these shares at a price of OMR6 per share. Determine the balance of the Treasury Shares account after these events:

Al Anwar Company has 10,000 shares authorized, OMR2 par value, 4,000 shares issued and outstanding ordinary shares and 5% cumulative, non - participating, 5,000 shares authorized, OMR10 par value, 1000 shares issued and outstanding preference shares. The company repurchased 400 ordinary shares at a cost of OMR5 per share. The company later reissued 80% of these shares at a price of OMR6 per share. Determine the balance of the Treasury Shares account after these events:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 7EB: Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the...

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Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.
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At the beginning of current year, Lauretta Company reported the following shareholders' equity: Share capital = 1,500,000; Share premium = 3,000,000; Retained earnings = 2,000,000. The entity had 400,000 authorized shares of P5 par value, of which 300,000 shares were issued and outstanding. During the year, the entity acquired 50,000 shares for P10 per share to be held as treasury. The shares were originally issued at P8 per share. The entity used the cost method to account for treasury shares. At year-end, the entity declared and distributed a property dividend of inventory. The inventory had a P750,000 carrying amount and a P1,000,000 fair value. The net income for 2019 was P2,500,000. What amount should be reported as unappropriated retained earnings at year-end?
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