National Company provided the following transactions: 2020 Sept 15 Declared a 20% share dividend on 100,000 shares, par value P10. The shares were orifinally sold at 15. Oct 15 Distributed the share dividend declared on September 15 which included fractional warranhts for 2,000 shares. Dec 1 One thousand five hundred shares were issued for fractional warrants. The remaining warrants expired. 2021 Sept 15 Declared scrip dividend of P2 per share payable on November 15, 2021 with interest at 12%. Nov 15 Paid the scrip dividend. Dec 1 Declared a dividend of 1 share of Sharp Company on every share of National Company owned. Sharp Company shares are carried at a cost of P3 peer share and the market value is P4 per share. 31 Distributed the Sharp Company shares to shareholders. The market value of Sharp Company share is P6. Required: Prepare Journal entries to record the transactions.
National Company provided the following transactions:
2020
Sept 15 Declared a 20% share dividend on 100,000 shares, par value P10.
The shares were orifinally sold at 15.
Oct 15 Distributed the share dividend declared on September 15 which included fractional warranhts for 2,000 shares.
Dec 1 One thousand five hundred shares were issued for fractional warrants.
The remaining warrants expired.
2021
Sept 15 Declared scrip dividend of P2 per share payable on November 15, 2021 with interest at 12%.
Nov 15 Paid the scrip dividend.
Dec 1 Declared a dividend of 1 share of Sharp Company on every share of National Company owned.
Sharp Company shares are carried at a cost of P3 peer share and the market value is P4 per share.
31 Distributed the Sharp Company shares to shareholders. The market value of Sharp Company share is P6.
Required:
Prepare
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