If a net loss of P25,000 is divided equally between COUPS White and JUN Light, the closing entry would involve a: debit to income summary for P25,000 credit to White's capital account for P12,500...

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Extracted text: If a net loss of P25,000 is divided equally between COUPS White and JUN Light, the closing entry would involve a: debit to income summary for P25,000 credit to White's capital account for P12,500 debit to Light's capital account for P12,500 credit to the cash account for P25,000 Any direct costs incurred to issue shares above par value (i.e., share issue costs) shall be debited to Expense Share Premium Organization Cost Retained Earnings