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?