On January 2, 2000, the board of directors of Gimli Mining Corporation declared a cash dividend of P1,200,000 to stockholders of record on January 18, 2000, and payable on February 10, 2000. The dividend is permissible by law in Gimli's state of incorporation. Selected data from Gimli's December 31, 1999, balance sheet follow: Accumulated depletion P 200,000 Capital stock 1,100,000 Additional paid-in capital 800,000 Retained earnings 500,000 The P1,200,000 dividend includes a liquidating dividend of Select the correct response: 600,000 800,000 700,000 O200,000
On January 2, 2000, the board of directors of Gimli Mining Corporation declared a cash dividend of P1,200,000 to stockholders of record on January 18, 2000, and payable on February 10, 2000. The dividend is permissible by law in Gimli's state of incorporation. Selected data from Gimli's December 31, 1999, balance sheet follow: Accumulated depletion P 200,000 Capital stock 1,100,000 Additional paid-in capital 800,000 Retained earnings 500,000 The P1,200,000 dividend includes a liquidating dividend of Select the correct response: 600,000 800,000 700,000 O200,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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