b. On November 30 Year 1, a company declared property dividends when the property has a carrying amount of P500,000 and fair value of P520,000. On December 31, Year 1, the fair value less cost to distribute of the property is P480,000. On February 25, the date of payment, the property has fair value less cost to distribute of P470,000. The gain or loss on distribution of the property dividend is

b. On November 30 Year 1, a company declared property dividends when the property has a carrying amount of P500,000 and fair value of P520,000. On December 31, Year 1, the fair value less cost to distribute of the property is P480,000. On February 25, the date of payment, the property has fair value less cost to distribute of P470,000. The gain or loss on distribution of the property dividend is

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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Question

b. On November 30 Year 1, a company declared property dividends when the property has a
carrying amount of P500,000 and fair value of P520,000. On December 31, Year 1, the fair value
less cost to distribute of the property is P480,000. On February 25, the date of payment, the
property has fair value less cost to distribute of P470,000. The gain or loss on distribution of
the property dividend is

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