Presented below are the balances taken from the books of Abacus Corporation on January 1, 2020:
Ordinary Share Capital, ₱50 par ₱ 6,000,000
Subscribed Ordinary Share Capital 3,500,000
Subscriptions Receivable-Ordinary 2,450,000
Accumulated Profits-Free 4,950,000
Treasury Shares at Cost, ₱75/share 1,500,000
The following transactions took place in 2020:
- April 15: 8,500 treasury shares were re-issued for ₱80 per share
- May 1: Abacus received 500 ordinary shares from Mr. Perez as donation
- May 30: 7,000 treasury shares were re-issued at ₱50 per share
- June 5: All donated shares were sold for ₱50 per share
No other treasury share transaction occurred during the year.
How much is the balance of Treasury Share account as of December 31, 2020?