n May 1, 20x1, Damage, Inc. declared cash dividends of P20 per share to shareholders of record on May 15, 20x1, for distribution on May 31, 20x1. Hetfield Co. purchases 20,000 Damage, Inc. shares for P200 per share and classifies the shares as investment in FVOCI securities. Requirements: Provide all the entries in May 20x1 under each of the following scenarios: a. Hetfield purchased the shares on May 5, 20x1. b. Hetfield purchased the shares on May 21, 20x1
n May 1, 20x1, Damage, Inc. declared cash dividends of P20 per share to shareholders of record on May 15, 20x1, for distribution on May 31, 20x1. Hetfield Co. purchases 20,000 Damage, Inc. shares for P200 per share and classifies the shares as investment in FVOCI securities. Requirements: Provide all the entries in May 20x1 under each of the following scenarios: a. Hetfield purchased the shares on May 5, 20x1. b. Hetfield purchased the shares on May 21, 20x1
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
On May 1, 20x1, Damage, Inc. declared cash dividends of P20 per share to shareholders of record on May 15, 20x1, for distribution on May 31, 20x1. Hetfield Co. purchases 20,000 Damage, Inc. shares for P200 per share and classifies the shares as investment in FVOCI securities.
Requirements: Provide all the entries in May 20x1 under each of the following scenarios:
a. Hetfield purchased the shares on May 5, 20x1.
b. Hetfield purchased the shares on May 21, 20x1.
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