Using the information provided below, what is the share premium balance on December 31, 2021? The following are Lyca Company's equity accounts at December 31, 2020: • Ordinary share capital, par value P10; authorized 200,000 shares; issued and outstanding 120,000 shares. ............... P1,200,000 • Share premium........ ............... 180,000 • Retained earnings................ .............................. 720,000 . Lyca Company uses the cost method of accounting for treasury shares. The following transactions occurred in 2021: - Acquired 8,000 ordinary shares for P144,000. - Sold 6,500 treasury shares at P20 per share - Retired the remaining treasury shares a. P117,000 b. P168,000 c. P181,000 d. P193,000
1. Using the information provided below, what is the share premium balance on December 31, 2021?
The following are Lyca Company's equity accounts at December 31, 2020:
• Ordinary share capital, par value P10; authorized 200,000 shares; issued and outstanding 120,000 shares. ............... P1,200,000
• Share premium........ ............... 180,000
•
Lyca Company uses the cost method of accounting for treasury shares. The following transactions occurred in 2021:
- Acquired 8,000 ordinary shares for P144,000.
- Sold 6,500 treasury shares at P20 per share
- Retired the remaining treasury shares
a. P117,000
b. P168,000
c. P181,000
d. P193,000
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