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How many shares are entitled to dividends

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Reference no: EM132981505

Question - The following information appears in the books of Great Corporation:

Share Capital , par P100. P6,000,000

Subscribed Share Capital P2,000,000

Share Premium P1,000,000

Retained Earnings P2,000,000

Treasury Shares (1, 000 shares) P550,000

The Board declared a cash dividend of P15 per share on November 15, 2014 to shareholders of record as of December 15, 2014, payable on January 10, 2015.

Required -

a. How many shares are entitled to dividends?

b. Entries for the above transactions.

c. How much is free retained earnings?

Reference no: EM132981505

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