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Find abc corporation should report dividends in arrears

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Problem 1: On Dec. 31, 2018 and 2019, ABC Corporation had 5,000 shares of P100 par, 6% cumulative preference shares outstanding. No dividends were arrears as of Dec. 31, 2017. ABC Corporation did not declare dividend during 2018. During 2019, ABC Corporation paid a cash dividend P20,000 on its preference shares. ABC Corporation should report dividends in arrears in its 2019 financial statements as

a. P80,000
b. P50,000
c. P30,000
d. Zero

Reference no: EM132803954

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