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Compute the gain on the settlement of the property

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Reference no: EM132953512

Question - Universal Company, a real estate developer is owned by five founding shareholders. On December 31, 2019, the entity declared a property dividend of a "one-bedroom flat" for each shareholder. The property dividend is payable on January 31, 2020. On December 31, 2019, the carrying amount of a one-bedroom flat is P1,000,000 and the fair value is P1,500,000. However, the fair value is P1,900,000 on January 31, 2020.

Required -

1. Compute the Dividend payable on December 31, 2019?

2. Compute the Measurement of the property on December 31, 2019?

3. Compute the Dividend payable on December 31, 2020?

4. Compute the Gain on the settlement of the property dividend on January 1, 2020?

Reference no: EM132953512

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