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At what amount record the stock dividend would be recorded

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Question - The equity section of Manning Company as of December 31, 2019 follows:

Ordinary (11,000 shares issued @ P6 par) P66,000

Share Premium-Ordinary 100,000

Retained earnings 60,000

Less: Treasury shares (1,000 shares @ P12) (12,000)

Total shareholders' equity P214,000

The company declares a 12 percent share dividend on the outstanding shares. The market price of the share is P90. The debit journal entry to record the stock dividend would be recorded at what amount?

Reference no: EM132549458

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