Med-care incorporated is a health insurance company. The following account balances appear on the statement of financial position of Doc med-care Incorporated. Ordinary Shares P10 par, P400,000; Share Premium Ordinary, P42, 500; Retained Earnings P299, 500. The board of Directors declared a 3 pesos dividend per share. Required: Journalize the entriesto record The declaration of the Dividend The issuance of the dividend
Med-care incorporated is a health insurance company. The following account balances appear on the statement of financial position of Doc med-care Incorporated. Ordinary Shares P10 par, P400,000; Share Premium Ordinary, P42, 500; Retained Earnings P299, 500. The board of Directors declared a 3 pesos dividend per share. Required: Journalize the entriesto record The declaration of the Dividend The issuance of the dividend
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do explain how you get each step. Thank you so much. Explanation will be much appreciated. Thank you again.
![Read the transactions carefully and prepare the Journal Entry.
Med-care incorporated is a health insurance company. The following account balances appear on the
statement of financial position of Doc med-care Incorporated.
Ordinary Shares P10 par,
P400,000;
Share Premium Ordinary,
P42, 500;
Retained Earnings
P299,500.
The board of Directors declared a 3 pesos dividend per share.
Required:
Journalize the entriesto record
The declaration of the Dividend
The issuance of the dividend](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7c2dee81-18f0-4123-8eb7-ea83a85e6e19%2F7420457e-b874-4085-ab7a-d6904f880a7e%2Fstewq5s_processed.png&w=3840&q=75)
Transcribed Image Text:Read the transactions carefully and prepare the Journal Entry.
Med-care incorporated is a health insurance company. The following account balances appear on the
statement of financial position of Doc med-care Incorporated.
Ordinary Shares P10 par,
P400,000;
Share Premium Ordinary,
P42, 500;
Retained Earnings
P299,500.
The board of Directors declared a 3 pesos dividend per share.
Required:
Journalize the entriesto record
The declaration of the Dividend
The issuance of the dividend
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