Reference no: EM132804968
Question - The shareholders' equity section of Dainty Corporation's balance sheet at December 31, 2105 was as follows:
Ordinary share capital (P10 par value, authorized 1,000,000 shares issued and outstanding 900,000 shares) P9,000,000
Share Premium 2,700,000
Accumulated Profits 1,300,000
Total Shareholders' Equity P13,000,000
On January 2, 2016, Dainty purchased and retired 100,000 of its shares for P 1,800,000. Immediately after the retirement of these 100,000 shares, how much should be the balance in the share premium and accumulated profits, respectively?
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