question archive Chase Corporation started business in 2016 by issuing 200,000 shares of Php20 par ordinary shares for Php36 each
Chase Corporation started business in 2016 by issuing 200,000 shares of Php20 par ordinary shares for Php36 each
Subject:AccountingPrice: Bought3
Chase Corporation started business in 2016 by issuing 200,000 shares of Php20 par ordinary shares for Php36 each. In 2021, 20,000 of these shares were purchased for Php52 per share by Chase Corporation and held as treasury shares. On June 15, 2022, these 20,000 shares were exchanged for a piece of property that had an assessed value of Php810,000. Chase's shares are actively traded and had a fair price of Php60 on June 15, 2022. The cost method is used to account for treasury shares.
What amount of share premium-treasury resulting from the above events should Chase Corporation recognize?
