ACCOUNTING FOR TREASURY SHARES

What are Treasury Shares?

Section 9 of the Revised Corporation Code of the Philippines
defines treasury shares as follows:

Treasury shares are shares of stock which have been

issued and fully paid for, but subsequently reacquired
by the issuing corporation through purchase,
redemption, donation or some other lawful means.
Such shares may again be disposed of for a reasonable
price fixed by the board of directors.

Treasury shares are entity’s own shares that were previously

issued but are subsequently reacquired but not retired.
Although issued, these are not considered as outstanding
shares since these are now with the corporation. These shares
are also reported as a contra-equity, not an asset, account.

Why do corporations reacquire treasury shares?

The following are the reasons why corporations reacquire
treasury shares:
1. To obtain stock to be used in acquisition of plant assets;
2. To improve earnings per share;
3. To invest excess cash temporarily;
4. To support market price of the stock;
5. To increase ratio of liabilities to shareholders’ equity; and
6. To obtain shares for conversion of other securities.

Methods of Accounting for Treasury Shares

The two methods to account for treasury shares are:
1. Cost Method: Under this method, treasury share
reacquisition and subsequent reissuance are recognized
and derecognized at cost. The amount of treasury shares is
treated as a deduction from equity.

2. Par Value Method: Under this method, the treasury share

account is debited for the par value of the shares
reacquired.

The cost method will be used in this worktext.

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 CASE 1: Reissuance at cost
Treasury shares may be reacquired by purchase, redemption, Cash xxxx
or by donation. Treasury Shares xxxx
Reissued treasury shares
When a corporation reacquires by purchase, it can purchase on
the open market (if listed) or directly from its shareholders on Notice that the reissuance of treasury shares at cost is simply a
a voluntary basis by giving certain amount as consideration in reversal of the journal entry prepared when the treasury shares
exchange of reacquiring the shares. The consideration given were initially reacquired. Once reissued, treasury shares are
by the corporation is treated as the “cost” of treasury shares. again considered as outstanding shares.

When a corporation reacquires by redemption, its CASE 2: Reissuance above cost

shareholders are required to sell a portion of their shares for If the treasury shares were reissued at a price higher than their
the company to redeem, provided that shareholders are aware cost, the reissuance gives rise to a share premium, thus the
that their shares are redeemable or callable. The consideration excess of reissuance price over the cost of treasury shares is
given is treated as the “call price”. credited to the account Share Premium-Treasury Shares. The
pro-forma journal entry is as follows:
When a corporation reacquires by donation, it receives
previously-issued shares back from the shareholders for no Cash xxxx
consideration. Since there is no consideration given, receipt of Treasury Shares xxxx
donated shares is recorded through a memorandum entry. Share Premium-Treasury Shares xxxx
Reacquisition by purchase and donation are illustrated later in Reissued treasury shares
this chapter.
CASE 3: Reissuance below cost
Acquisition of Treasury Shares by Purchase If the treasury shares were reissued at a price lower than their
Under the cost method, when treasury shares are reacquired cost and the account Share Premium-Treasury Shares has
by the corporation, these are recorded at cost. The Treasury sufficient balance, then the difference between the cost and the
Shares account is debited for the cost paid by the corporation reissuance price should be charged to the Share Premium-
to get back its issued shares. The pro-forma journal entry to Treasury Shares account.
record reacquisition of treasury shares is as follows:
If, however, the balance of Share Premium-Treasury Shares
Treasury Shares xxxx account is not sufficient to cover the deficiency, then any
Cash xxxx excess should be charged to Accumulated Profits.
Reacquired treasury shares [Accumulated Profits is discussed further in the next chapter.]

Once treasury shares are reacquired, these are now in the If the Share Premium-Treasury Shares account has no balance,
possession of the corporation and have lost the status of an then the difference between reissuance price and cost of
outstanding share. Consequently, treasury shares reacquired treasury share is all charged to Accumulated Profits. Other
by the corporation can still be reissued. There are three Share Premium account balances cannot be used in lieu of
possible scenarios if treasury shares are reissued: at cost, Share Premium-Treasury Shares account.
above cost, or below cost.
Cases 3a to 3b below illustrate the pro-forma journal entries.
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Case 3a: With sufficient Share Premium-Treasury Shares Apr 7 Cash 27,500
balance Treasury Shares 22,500
Cash xxxx Share Premium-Treasury Shares 5,000
Share Premium-Treasury Shares xxxx (500 x ₱55 = ₱27,500)
Treasury Shares xxxx (500 x ₱45 = ₱22,500)
Reissued treasury shares
9 Cash 10,500
Case 3b: With insufficient Share Premium-Treasury Shares Share Premium-Treasury Shares 3,000
balance Treasury Shares 13,500
Cash xxxx (300 x ₱35 = ₱10,500)
Share Premium-Treasury Shares xxxx (300 x ₱45 = ₱13,500)
Accumulated Profits xxxx
Treasury Shares xxxx 11 Cash 10,500
Reissued treasury shares Share Premium-Treasury Shares 2,000
Retained Earnings 3,250
Case 3c: Without Share Premium-Treasury Shares balance Treasury Shares 15,750
Cash xxxx (350 x ₱30 = ₱10,500)
Accumulated Profits xxxx (350 x ₱45 = ₱15,750)
Treasury Shares xxxx (₱5,000 – 3,000 = ₱2,000)
Reissued treasury shares
On April 11, the reissuance of the treasury shares were ₱15
Illustrative Example 1: Acquisition of Treasury Shares below the acquisition cost. The deficiency is first charged to
by Purchase the Share Premium-Treasury Shares account since it has a
Presented below are selected treasury share transactions of remaining balance of ₱2,000 after being debited because of the
ABC Corporation for April: reissuance below cost on April 9. The remaining deficiency of
Date Transaction ₱3,250 (₱15,750 – ₱10,500 – ₱2,000) is then charged or
Apr 1 Reacquired 1,500 ordinary shares at ₱45 per share debited to Accumulated Profits. After April 11, a total of 1,400
5 Reissued 250 of reacquired shares at ₱45 per share out of 1,500 treasury shares have been reissued.
7 Reissued 500 treasury shares for ₱55 per share
9 Reissued 300 treasury shares for ₱35 per share Acquisition of Treasury Shares by Donation
11 Reissued 350 treasury shares for ₱30 per share If treasury shares were received from shareholder by donation,
it is only recorded through a memorandum entry as follows:
The journal entries in the books of ABC Corporation would be:
Apr 1 Treasury Shares 67,500 Date: Received ___ shares from ____ as a donation
Cash 67,500
(1,500 x ₱45) The receipt of donated shares will not affect the entity’s total
assets since it did not require any consideration. However, it
5 Cash 11,250 affects the number of outstanding shares, as it increases the
Treasury Shares 11,250 treasury shares in the corporation’s possession.
(250 x ₱45)

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When donated shares are subsequently reissued, any Apr 30 Accumulated Profits-Free 4,500
consideration received as a result of the reissuance is Accumulated Profits Appropriated 4,500
accounted for in the Share Premium-Donated Shares account. for Treasury Shares
The pro-forma journal entry for the subsequent reissuance of (100 x ₱45)
donated shares is as follows:
Cash xxxx A detailed discussion on appropriation of retained earnings
Share Premium-Donated Shares xxxx can be found in the next chapter.
Reissued donated shares

Illustrative Example 2: Acquisition of Treasury ACCOUNTING FOR DELINQUENT SUBSCRIPTIONS

Shares by Donation
Presented below are selected treasury share transactions of the When can subscriptions become delinquent?
company for March: In a subscription of shares, it is clearly understood that the
Date Transaction subscriber has agreed to pay any unpaid balance from the
Mar 7 Received 500 ordinary shares from Mr. Z as donation subscription before the shares are issued. However, there are
12 All donated shares were sold for ₱60 per share. instances wherein the subscriber fails to pay the outstanding
balance from the subscription despite several notices or
The entries in the company’s books would be as follows: demands from the corporation.
Mar 7 Memo Entry: Received 500 ordinary shares from
Mr. Z as a donation The corporation can then make a call, which is a declaration in
the form of a resolution of the board of directors, requiring the
12 Cash 30,000 payment of all or a portion of the subscriber’s share
Share Premium-Donated Shares 30,000 subscription. If a proper call has been made and no action was
(500 x ₱60) done by the defaulting subscriber, the subscription is then
declared as delinquent.
Legal Requirement for Treasury Shares
If at the end of the year, the corporation still has treasury The board of directors may, by resolution, order the sale of
shares in its possession, it is required to appropriate or allot a delinquent shares and shall specifically state the amount due
portion of its retained earnings (Accumulated Profits account) on each subscription plus all accrued interest, and the date,
equal to the cost of these treasury shares. This is a legal time, and place of the sale which shall not be less than thirty
requirement imposed on all corporations. The pro-forma (30) days nor more than sixty (60) days from the date the
journal entry to record the appropriation would be: shares become delinquent (Sec. 67, Revised Corporation Code
of the Philippines).
Accumulated Profits-Free xxxx
Accumulated Profits Appropriated for Sale of Delinquent Subscriptions
Treasury Shares xxxx In order to recover the sum of money associated with a
To record appropriation delinquent subscription, the corporation may opt to sell these
shares in a public auction. In a public auction, the sale of the
Continuing the earlier illustration, ABC Corporation has 100 delinquent shares is awarded to the highest bidder.
treasury shares which are yet to be reissued. They were
reacquired for ₱45 per share. The journal entry will be:
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The highest bidder is the one who is willing to pay the offer After this entry, the unpaid subscription is equal to the
price and is willing to receive the least number of shares. The Subscriptions Receivable balance of ₱70,000. Thus, the offer
offer price includes the following: (a) unpaid balance on the price or amount to be paid by the highest bidder is computed
subscription, (b) interest accrued on the subscription, and (c) as follows:
expenses of advertising and other costs of sale. Once the Unpaid Subscription (₱120,000 – ₱50,000) ₱ 70,000
subscription is fully paid, all the subscribed shares are issued Advertising costs 8,000
first to the highest bidder for the number of shares bid, then Offer Price ₱78,000
the excess is given to the defaulting subscriber.
Among all the bidders in the auction, Jane is considered as the
Illustrative Example 3: Delinquent Subscriptions, highest bidder since she had bid for the least number of shares
with Bidder (600 vs. 650 and 700 of Jake and John, respectively), and had
James subscribed 1,000 ordinary shares of ABC Co. with par agreed to pay the offer price of ₱78,000. As such, Jane has the
value of ₱100 for a total subscription price of ₱120,000. After highest cost per share at ₱130 (₱78,000/600 shares),
paying ₱50,000 on date of subscription, James defaulted on compared to John’s ₱111.43 or Jake’s ₱120 cost per share.
the remaining balance of the subscription. The subscription
was declared delinquent after the call date. The Board decided To record Jane’s payment, the journal entry is as follows:
to sell the shares in an auction. Aside from the unpaid Cash 78,000
balance, advertising costs of ₱8,000 were also incurred to Subscriptions Receivable-Ordinary 70,000
facilitate the sale. The bidders on the auction were as follows: Receivable from Highest Bidder 8,000
John, 700 shares; Jake, 650 shares; and Jane, 600 shares.
At this point, the subscription has been fully paid. Since
For the journal entries below, we first present the recording of shares were fully paid, issuance can now be made as follows:
the subscription and then the recording of the payment of Subscribed Share Capital-Ordinary 100,000
costs related to delinquent subscription: Ordinary Share Capital 100,000
Cash 50,000
Subscriptions Receivable-Ordinary 70,000 The 1,000 ordinary shares will be distributed as follows:
Subscribed Share Capital-Ordinary 100,000 To Jane, the highest bidder 600 shares
Share Premium-Ordinary 20,000 To James, the defaulting subscriber 400 shares
(1,000 x ₱100 = ₱100,000)
(₱120,000 – ₱100,000 = ₱20,000) In this illustration, it can observed how delinquent shares are
accounted for, given that there is a highest bidder. However,
Receivable from Highest Bidder 8,000 there are instances wherein there is no bidder in the public
Cash 8,000 auction. If this is the case, then the corporation may bid for
the shares and shall be credited as paid in full in the books of
Notice that any costs incurred to facilitate the auction of the the corporation. Title on delinquent shares transfers to the
delinquent shares is recorded to the account Receivable from corporation as treasury shares.
Highest Bidder, presented under trade and other receivables
section of the Statement of Financial Position, since these costs
will be part of the amount to be paid by the highest bidder to
the corporation.

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Illustrative Example 4: Delinquent Subscriptions, no 7. What items are considered as part of the offer price?
Bidder 8. What is the legal requirement when it comes to retained
Assume the same data in Illustrative Example 3, except that earnings in relation to treasury shares?
there were no bidders in the public auction. 9. Can a delinquent subscription eventually become a
treasury share?
The journal entry for issuance will still be recorded as follows: a. If yes, when does this happen?
Subscribed Share Capital-Ordinary 100,000 b. If no, why not?
Ordinary Share Capital 100,000

However, the journal entry to record payment by highest EXERCISE 11-1. Alternate Response. On the space
bidder will be replaced by the following entry: provided below, write the word TRUE if the statement is
Treasury Shares 78,000 correct and FALSE if otherwise.
Subscriptions Receivable-Ordinary 70,000 _______1. Treasury shares are considered as issued shares.
Receivable from Highest Bidder 8,000 _______2. The highest bidder in a public auction for a
delinquent subscription is the person willing to pay the offer
Observe that the shares in the delinquent subscription will be price for the most number of shares.
issued in the corporation’s name and thus, accounted for as _______3. In all cases, the defaulting subscriber still receives
treasury shares. The offer price related to the delinquent a certain number of shares, even though his subscription was
subscription becomes the cost of the treasury shares. In this declared delinquent.
case, all the shares are with the corporation and thus, the _______4. When there are no bidders in the public auction,
defaulting subscriber will not get any share. the shares are issued in favor of the corporation and are
considered as treasury shares.
_______5. A treasury share may never be reissued below the
KEY TERMS share’s par value.
Cost method Highest bidder _______6. Treasury share transactions may decrease but
Delinquent subscription Offer price never increase a corporation’s retained earnings.
Donated share Treasury share _______7. When treasury shares are reissued at above cost,
there is an income recognized from the reissuance.
_______8. A treasury share is not an outstanding share.
DISCUSSION QUESTIONS _______9. Under the cost method, treasury shares are either
1. What is a treasury share? debited or credited based on the share’s par value.
2. Why do corporations acquire treasury shares? _______10. Costs incurred in conducting a public auction for
3. What is the cost method of accounting for treasury shares? a delinquent subscription is recorded as an expense of the
4. What happens when treasury shares are reissued: corporation.
a. at cost;
b. above cost; or
c. below cost?
5. Discuss the process before a subscription becomes
delinquent.
6. If a subscription is declared as delinquent, what are the
options of the corporation?
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EXERCISE 11-2. Identification. On the space provided EXERCISE 11-3. Journalizing and Problem Solving 1.
below, identify the word/s that is best described by the Presented below are the balances of MANILA CORPORATION
statement. as of January 1, 2020:
_________1. These are the entity’s own shares which were Ordinary Share Capital, ₱25 par ₱ 4,000,000
previously issued but reacquired. Subscribed Ordinary Share Capital 2,000,000
Subscriptions Receivable-Ordinary 1,460,000
___________2. This refers to a subscription which remains Accumulated Profits-Free 3,450,000
unpaid after the call date.
The following are the company’s treasury share transactions
___________3. This is the amount to be paid by the highest for the year:
bidder in a public auction for delinquent shares.
Date Transaction
___________4. This account is credited when treasury
shares are reissued above cost. Jan 2 Reacquired 1,000 ordinary shares for ₱34 per share
Jan 15 Reissued 500 treasury shares for ₱36 per share
___________5. This account is debited for the offer price,
when there are no bidders in the public auction. Feb 10 Reissued 450 treasury shares for ₱30
Apr 20 Received 350 shares from Mr. Santos as a donation
___________6. This is the account that is initially debited
when treasury shares are reissued below cost, provided that May 15 Reacquired 600 treasury shares for ₱35 per share
this account has a credit balance. Jun 10 Sold the donated shares for ₱14,000
___________7. This is the account debited when treasury Jun 20 Reissued 300 treasury shares for ₱32
shares are reissued below cost and no other equity account Jun 30 Recorded the appropriation for treasury shares
related to treasury shares can be charged.
REQUIRED:
___________8. This is the method used to record treasury
1. Journalize the above treasury share transactions.
shares wherein the consideration paid to acquire the shares is
2. How many treasury shares are still with Manila Corporation
used as a basis.
as of June 30, 2020?
3. How much is the balance of Manila Corporation’s Treasury
___________9. This is the account credited when donated
Share account as of June 30, 2020?
shares are reissued.

___________10. These are treasury shares received from

shareholders without any consideration provided.

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EXERCISE 11-4. Journalizing and Problem Solving 2. EXERCISE 11-5. Journalizing and Problem Solving 3.
Presented below are the balances of MAKATI CORPORATION You are given the following treasury share transactions of
as of January 1, 2020: PASIG CORPORATION for the period 2020:
Ordinary Share Capital, ₱50 par ₱ 8,000,000
Subscribed Ordinary Share Capital 4,000,000 Date Transaction
Subscriptions Receivable-Ordinary 2,920,000
Accumulated Profits-Free 6,990,000 Jan 15 Reacquired 1,500 ordinary treasury shares for ₱25 per
share
The following are the treasury share transactions of the Jan 20 Reacquired 2,000 ordinary treasury shares for ₱30 per
company for the year: share
Jan 31 Reissued 750 ordinary treasury shares for ₱35 per share
Date Transaction
Feb 7 Reissued 900 ordinary treasury shares for ₱25 per
Feb 1 Reacquired 2,000 ordinary shares for ₱68 per
share
share
Feb 19 Reissued 500 ordinary treasury shares for ₱32 per share
Feb 15 Reissued 1,000 treasury shares for ₱72 per share
Feb 28 Reacquired 400 ordinary treasury shares for ₱30 per
Apr 10 Reissued 900 treasury shares for ₱60
share
May 20 Received 700 shares from Ms. Mendoza
Mar 3 Reissued 350 ordinary treasury shares for ₱30 per share
(shareholder) as a donation
Mar 30 Received 250 ordinary shares from Mr. Perez, a
Jun 15 Reacquired 1,200 treasury shares for ₱70 per share
shareholder, as a donation
Jul 10 Sold the donated shares for ₱28,000
Aug 20 Reissued 600 treasury shares for ₱64 REQUIRED:
1. Journalize the above treasury share transactions.
Dec 31 Recorded the appropriation for treasury shares 2. How many treasury shares are still with Pasig Corporation
as of March 30, 2020?
REQUIRED: 3. How much is the balance of Treasury Share account as of
1. Journalize the above treasury share transactions. March 30, 2020?
2. How many treasury shares are still with Makati Corporation as
of December 31, 2020?
3. How much is the balance of Treasury Share account as of
December 31, 2020?

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EXERCISE 11-6. Journalizing 1. You are given the EXERCISE 11-7. Problem Solving 1. Solve for the
following transactions of QUEZON CORPORATION in 2020: requirements asked in each problem. Present all solutions in
good accounting format.
On February 6, Quezon Corporation received a subscription
from Mr. Alex Chua for 1,000 ordinary shares (par value ₱30) PROBLEM 1
for a total subscription price of ₱50,000. Paolo Reyes subscribed to 2,500 ordinary shares (₱50 par) of
Mambo Corporation for ₱185,000. On the date of
On February 10, Mr. Chua paid twenty percent of the subscription, Paolo paid 25% of the total subscription price.
subscription price. Two weeks later, he paid 25% of the unpaid balance. After
numerous attempts of collection, no payment was received
After February 10, Mr. Chua did not make any subsequent from Paolo and the subscription was declared as delinquent.
payment. After numerous attempts to collect, the Board of Mambo incurred ₱6,500 in advertising the auction. The
Directors declared Mr. Chua’s subscription as delinquent on auction bidders were: Primo, 1,950 shares; Mikko, 1,200
May 15. shares; and Edwin, 1,850 shares.

On May 30, Quezon Corporation paid ₱9,500 for advertising REQUIRED:

the said auction. 1. How much is the offer price?
2. How many shares will Paolo receive, assuming that there is
On June 1, the auction was held and the following were the a highest bidder?
bidders for the shares: Aimee, 700 shares; Kathleen, 650
shares; and Alec, 400 shares. The highest bidder paid the offer
price on the same date and shares were also issued. PROBLEM 2
Samantha Sanchez subscribed to 3,500 preference shares
REQUIRED: (₱100 par) of Samba Corporation for ₱420,000. On the date of
1. Journalize all necessary journal entries related to Mr. subscription, Samantha paid 40% of the total subscription
Chua’s subscription. price. Afterwards, she paid 15% of the unpaid balance. After
2. Assume that on June 1, there were no bidders in the numerous attempts of collection, no payment was received and
auction. Prepare the necessary journal entries. the subscription was declared as delinquent. Samba
Corporation incurred ₱12,000 in advertising the auction. In
the auction, there were no bidders.

REQUIRED:
1. How many shares will Samantha receive?
2. How much is debited to the account Treasury Shares?

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PROBLEM 3 The following transactions took place in 2020:
On December 31, 2019, the Treasury Share account of Jumbo • April 15: 8,500 treasury shares were re-issued for ₱80 per
Corporation showed a balance of ₱490,000. These shares share
were previously reacquired from ordinary shareholders. On • May 1: Abacus received 500 ordinary shares from Mr.
December 31, 2019, Ordinary Share Capital showed a balance Perez as donation
of ₱22,050,000 at ₱75 par value. On the same date, there were • May 30: 7,000 treasury shares were re-issued at ₱50 per
238,000 outstanding ordinary shares. All subscriptions were share
fully paid and share certificates were issued. • June 5: All donated shares were sold for ₱50 per share
No other treasury share transaction occurred during the year.
REQUIRED: How much was the cost per share of treasury
shares upon reacquisition? REQUIRED:
1. How much is the balance of Treasury Share account as of
December 31, 2020?
PROBLEM 4 2. How many treasury shares are with Abacus Corporation as of
During 2019, Apple Corporation had the following share December 31, 2020?
transactions:
• Acquired 2,450 ordinary shares to be held as treasury
shares for ₱110,250 PROBLEM 6
• Acquired additional 950 ordinary shares at ₱42.50 per During 2020, Mango Corporation had the following treasury
share to be held as treasury shares share transactions:
• Sold 2,590 treasury shares at ₱40 per share • Acquired 3,500 ordinary shares to be held as treasury
shares for ₱354,000
REQUIRED: • Re-issued 750 ordinary treasury shares for ₱120
1. How much is total cost of treasury shares sold in 2019? • Acquired additional 1,200 ordinary shares at ₱132,000
2. By how much would total retained earnings change because to be held as treasury shares
of the above transactions? Indicate whether increase or • Sold 3,600 treasury shares at ₱115 per share
decrease.
REQUIRED:
1. How much is the total cost of the treasury shares sold and
PROBLEM 5 reissued in 2020?
Presented below are the balances taken from the books of 2. By how much would total retained earnings decrease
Abacus Corporation on January 1, 2020: because of the above transactions?
Ordinary Share Capital, ₱50 par ₱ 6,000,000 3. Assuming no other treasury share transactions occurred
Subscribed Ordinary Share Capital 3,500,000 after, how much is the appropriation for treasury shares by
Subscriptions Receivable-Ordinary 2,450,000 the end of the year?
Accumulated Profits-Free 4,950,000
Treasury Shares at Cost, ₱75/share 1,500,000

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INTERNET EXERCISE 11-8. Comparing and REFLECTION EXERCISE 11-11. Defaulting subscriber
contrasting treasury share transactions in different 1. Assuming you are part of the Board of Directors in a
organizations. profitable stock corporation and you have a friend who is
1. Browse the Internet and download the statement of interested to subscribe to some shares in your corporation
changes in equity of each actual corporation in the and had asked for your assistance to process the
Philippines which are engaged in the following activities: subscription. You know that you friend is currently
a. Service experiencing some financial difficulties and that your
b. Merchandising friend’s subscription would not be fully paid for.
c. Manufacturing a. Would you assist your friend in the processing of
2. Prepare a one-page report comparing and contrasting the his subscription? Why or why not?
treasury share transactions included in the statement of b. Would you disclose this information to your board
changes in shareholders’ equity based on form of business members and institute some actions to prevent
organization according to activities. your friend and similar possible defaulting
3. Be prepared to present your findings in class. subscriber from subscribing to your company’s
shares? Explain.
2. Assuming your company needs more capital to continue
INTERNET EXERCISE 11-9. Watch and learn. operations, would your answer in #1a and #1b change?
1. Browse the Internet and watch a 5 to 10-minute video Why or why not?
related to delinquent subscriptions (whether of actual or 3. Prepare a one-page reflection paper that incorporates your
fictitious company). answers to the above requirements.
2. Prepare a one-page report on your learning from watching 4. Be prepared to share your insights in class.
the video. Be sure to indicate the video title and link in
your paper.
3. Be prepared to share your learning in class.

GROUP ACTIVITY 11-10. Similarities and differences

in treasury share transactions across organizations.
1. Form a group composed of five members.
2. From each member’s answers to Internet Exercise 11-8,
the group compiles the similarities and differences
between treasury share transactions of different forms
of organization according to activities.
3. The presentation (maximum of 5 minutes per group)
can be in the form of a slide presentation or other
creative means.

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