Pember Corporation started business in 2013 by issuing 200,000 shares of €20 par ordinary shares for €36 each. In 2018, 20,000 of these shares were purchased for €52 per share by Pember Corporation and held as treasury shares. On June 15, 2019, these 20,000 shares were exchanged for a piece of property that had an assessed value of €810,000. Pember’s shares are actively traded and had a fair price of €60 on June 15, 2019. The cost method is used to account for treasury shares. The amount of share premium—treasury resulting from the above events would be
a. €800,000.
b. €480,000.
c. €390,000.
d. €160,000.