Pascual Corp. owned 20,000 ordinary shares of Alegrado Corp., purchased in 2018 for P1,800,000. On Dec. 15, 2020, Pascual declared a property dividend of all its Alegrado Corp. shares on the basis of one share of Alegrado for every 10 shares of Pascual ordinary shares held by its shareholders. The property dividend was distributed on Jan. 15, 2021. On the declaration date, the aggregate market price of the Alegrado shares held by Pascual was P3,000,000. The entry to record the declaration of the dividend should include a debit to retained earnings of a. P3,000,000. b. P1,800,000. С. P1,200,000. d. P-0-. the shareholders' equity section of the

Pascual Corp. owned 20,000 ordinary shares of Alegrado Corp., purchased in 2018 for P1,800,000. On Dec. 15, 2020, Pascual declared a property dividend of all its Alegrado Corp. shares on the basis of one share of Alegrado for every 10 shares of Pascual ordinary shares held by its shareholders. The property dividend was distributed on Jan. 15, 2021. On the declaration date, the aggregate market price of the Alegrado shares held by Pascual was P3,000,000. The entry to record the declaration of the dividend should include a debit to retained earnings of a. P3,000,000. b. P1,800,000. С. P1,200,000. d. P-0-. the shareholders' equity section of the

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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