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CFAS Corp. has 100,000 shares, P15 par, issued and outstanding at the beginning of the...

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Accounting

  1. CFAS Corp. has 100,000 shares, P15 par, issued and outstanding at the beginning of the year. Subsequently, the company reacquired 10,000 shares for a total cost of P165,000 from its shareholders. At year-end, the company reissued 5,000 shares for P20 per share.

The entry to reissue the 5,000 treasury shares at year-end will include:

O A credit to retained earnings of P17,500.

O A debit to share premium of P17,500

O A credit to share capital of P75,000.

O A credit to share premium of P17.500

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