The market value of G's common stock was P20 per share at December 31, 2010, and P27 per share at December 31, 2011. The cost method is used to record treasury shares transactions. What account(s) should G credit in 2011 to record the sale of 3,000 shares? Group of answer choices A. Treasury Shares for P81,000 B. Treasury Shares for P60,000 and Retained Earnings for P21,000 C. Treasury Shares for P72,000 and Retained Earnings for P9,000 D. Treasury Shares for P60,000 and APIC from Treasury Share for P21,000
The market value of G's common stock was P20 per share at December 31, 2010, and P27 per share at December 31, 2011. The cost method is used to record treasury shares transactions. What account(s) should G credit in 2011 to record the sale of 3,000 shares? Group of answer choices A. Treasury Shares for P81,000 B. Treasury Shares for P60,000 and Retained Earnings for P21,000 C. Treasury Shares for P72,000 and Retained Earnings for P9,000 D. Treasury Shares for P60,000 and APIC from Treasury Share for P21,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 5MCQ
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The market value of G's common stock was P20 per share at December 31, 2010, and P27 per share at December 31, 2011. The cost method is used to record treasury shares transactions. What account(s) should G credit in 2011 to record the sale of 3,000 shares?
Group of answer choices
A. Treasury Shares for P81,000
B. Treasury Shares for P60,000 and Retained Earnings for P21,000
C. Treasury Shares for P72,000 and Retained Earnings for P9,000
D. Treasury Shares for P60,000 and APIC from Treasury Share for P21,000
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