Business, 15.07.2020 20:01, emzaa

The shareholders equity section of Aquarius Inc. reported the following Ordinary Shares, 50,000 shares outstanding, P100 par P5,000,000.00
Share premium 500,000
Accumulated profits 1,500,000.00

The following subsequent transactions occurred:
a. Aquarius Inc. purchased from the market its own 10,000 shares per share.
b. After transaction (a), 5,000 shares of its treasury shares were P125 per share.

Requirements:
1.Journal entries of the subsequent transactions
2.Compute the total equity section after the above transactions assuming that there are no other transactions affecting the shareholders equity.
3.Compute the outstanding shares after the above transactions.

Answers: 3

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The shareholders equity section of Aquarius Inc. reported the following Ordinary Shares, 50,000 sha...