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The balance in the retained earnings at December 31, 2019 and 2020 respectively are ₱720,000 and ₱582,000. The net income for 2020 was ₱500,000. A stock dividend was declared and distributed which increased ordinary share capital by ₱200,000 and share premium by ₱110,000. A cash dividend was declared and paid. What is the amount of cash dividends declared and paid?  ₱ 328,000       ₱ 248,000       ₱ 638,000

The balance in the retained earnings at December 31, 2019 and 2020 respectively are ₱720,000 and ₱582,000. The net income for 2020 was ₱500,000. A stock dividend was declared and distributed which increased ordinary share capital by ₱200,000 and share premium by ₱110,000. A cash dividend was declared and paid. What is the amount of cash dividends declared and paid?  ₱ 328,000       ₱ 248,000       ₱ 638,000

FINANCIAL ACCOUNTING
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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The balance in the retained earnings at December 31, 2019 and 2020 respectively are ₱720,000 and ₱582,000. The net income for 2020 was ₱500,000. A stock dividend was declared and distributed which increased ordinary share capital by ₱200,000 and share premium by ₱110,000. A cash dividend was declared and paid. What is the amount of cash dividends declared and paid? 

₱ 328,000
 
 
 
₱ 248,000
 
 
 
₱ 638,000
 
 
 
₱ 442,000
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