Requirements:1. What is the amount debited to accumulated profits as a result of the declaration of the 10% stock dividend in item f?2. What is the amount debited to accumulated profits as a result of the 2016 cash dividend declaration?please answer the two questions with solution. PROBLEM 2: JKL Corp. reported the following amounts in the shareholders' equity section of its December 31, 2015,statement of financial position:Preference shares, P10 par (100,000 shares authorized,40,000 shares issued)P400,000100,000Ordinary shares, P5 par (50,000 shares authorized, 20,000 shares issued)Share premium - Ordinary sharesAccumulated profits192,0001,200,000The following transactions occurred during 2016:a. At the beginning of 2016, the company paid the annual 2015 P1 per share dividendon preference shares and PO.50 per share dividend on ordinary shares. These dividends had been declared onDecember 1, 2015.Further investigations revealed that no entry has been made to account for the declaration of thesaid dividends.b. On February 13, the company purchased 4,000 shares of its own outstanding ordinary shares for P80,000.c. On March 30, the company declared and issued ordinary shares split-up (1 is to 2).d. On June 19, the company reissued 2,800 treasury shares for an equipment with a fair value at P50,000.e. On August 1, the company issued 10,000 shares of preference shares at P15 per share.f. On September 30, the company declared a 10% stock dividend on the outstanding ordinary shares when the stock isselling for P6 per share. The share dividends were subsequently issued on October 11.g. December 1, the company declared the annual 2016 P1 dividend on preference shares and the PO.25 per sharedividend on ordinary shares. These dividends are payable at the beginning of 2017.h. The company registered a net income for 2016 at P940,000.

Shareholder's EquityThe amount available for the shareholders in the company is called shareholder's…

Requirements: 1. What is the amount debited to accumulated profits as a result of the declaration of the 10% stock dividend in item f? 2. What is the amount debited to accumulated profits as a result of the 2016 cash dividend declaration? please answer the two questions with solution.

Requirements: 1. What is the amount debited to accumulated profits as a result of the declaration of the 10% stock dividend in item f? 2. What is the amount debited to accumulated profits as a result of the 2016 cash dividend declaration? please answer the two questions with solution.

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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