Shakey Corporation owned 30,000 Ordinary shares of Macdo Corporation purchased in 2019 for P 540,000. On September 20, 2019, Shakey declared a property dividend of 1 share of Macdo for every 5 shares of Shakey held by a shareholder. On that date, there were 50,000 Ordinary shares of Shakey outstanding and the market value of Macdo shares was P 30 per share. The entry to record the declaration of the property dividend would include a debit to Retained Earnings of how much?
Shakey Corporation owned 30,000 Ordinary shares of Macdo Corporation purchased in 2019 for P 540,000. On September 20, 2019, Shakey declared a property dividend of 1 share of Macdo for every 5 shares of Shakey held by a shareholder. On that date, there were 50,000 Ordinary shares of Shakey outstanding and the market value of Macdo shares was P 30 per share. The entry to record the declaration of the property dividend would include a debit to Retained Earnings of how much?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Shakey Corporation owned 30,000 Ordinary shares of Macdo Corporation purchased in 2019 for P 540,000. On September 20, 2019, Shakey declared a property dividend of 1 share of Macdo for every 5 shares of Shakey held by a shareholder. On that date, there were 50,000 Ordinary shares of Shakey outstanding and the market value of Macdo shares was P 30 per share. The entry to record the declaration of the property dividend would include a debit to
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