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What amount should be debited to share premium

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Question - At the beginning of current year, Rona Company issued 50,000 shares of P11 par value for P100 per share.

During the year, the entity reacquired 2,000 shares at P155 per share and immediately cancelled these 2,000 shares.

1) In connection with the retirement of shares, what amount should be debited to share premium?

2) In connection with the retirement of shares, what amount should be debited to retained earnings?

Reference no: EM133185510

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