2. Tinuno Co. declared 10,000 shares held as investment incarrying amount of P2,000,000, and fair values of P1,600,000 onassociate as property dividends. The investment has adate of declaration, P2,200,000 at the end of the reportingassociate as property dividends. The investment haccarrying amount of P2,000,000, and fair values of P1,600,000 ondate of declaration, P2,200,000 at the end of the reportingperiod and P1,900,000 on the date of distribution. Cost todistribute is zero.Requirement: Provide the journal entries on the dates ofdeclaration, record and distribution.

On the issue of property dividends, the company should record a liability for Dividend Payments…

2. Tinuno Co. declared 10,000 shares held as investment in associate as property dividends. The investment has carrying amount of P2,000,000, and fair values of P1,600.000 date of declaration, P2,200,000 at the end of the reporting period and P1,900,000 on the date of distribution. Cost to distribute is zero. Requirement: Provide the journal entries on the dates of declaration, record and distribution.

2. Tinuno Co. declared 10,000 shares held as investment in associate as property dividends. The investment has carrying amount of P2,000,000, and fair values of P1,600.000 date of declaration, P2,200,000 at the end of the reporting period and P1,900,000 on the date of distribution. Cost to distribute is zero. Requirement: Provide the journal entries on the dates of declaration, record and distribution.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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