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Question
oxford inc. was authorized to issue 50,000 £10 par value ordinary shares. as of december 31, 2011, the company had issued 22,000 shares at an average price of £22 per share. during 2011, the company felt that the shares were undervalued so it purchased 5,000 treasury shares at £18 per share. when the share price rebounded later in the year, the company sold 2,000 of the treasury for £25. retained earnings was £829,000 at december 31, 2011.
the amount of share premium reported on the december 31, 2011 statement of financial position is
a.£140,000
b.£264,000
c.£278,000
d.£484,000
Answer
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