20 On October 31, 2022, ABC Inc. declared a building held as owner-occupied property with an original life of 10 years as dividend distributable to stockholders on January 31 of the following year. This was acquired at P800,000 on October 31, 2021. The property had fair market value P900,000 on October 31, 2022. On December 31, 2022 the value of the property declined to P700,000. The property was transferred to shareholders on January 31 when the prevailing fair value was at P800,000. The entry to record the declaration of the property dividends would include a debit to retained earnings of: Group of answer choices 1,000,000 900,000 800,000 700,000
20 On October 31, 2022, ABC Inc. declared a building held as owner-occupied property with an original life of 10 years as dividend distributable to stockholders on January 31 of the following year. This was acquired at P800,000 on October 31, 2021. The property had fair market value P900,000 on October 31, 2022. On December 31, 2022 the value of the property declined to P700,000. The property was transferred to shareholders on January 31 when the prevailing fair value was at P800,000. The entry to record the declaration of the property dividends would include a debit to retained earnings of: Group of answer choices 1,000,000 900,000 800,000 700,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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20
On October 31, 2022, ABC Inc. declared a building held as owner-occupied property with an original life of 10 years as dividend distributable to stockholders on January 31 of the following year. This was acquired at P800,000 on October 31, 2021. The property had fair market value P900,000 on October 31, 2022. On December 31, 2022 the value of the property declined to P700,000.
The property was transferred to shareholders on January 31 when the prevailing fair value was at P800,000.
The entry to record the declaration of the property dividends would include a debit to
Group of answer choices
1,000,000
900,000
800,000
700,000
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