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How much gain or loss shall Nice Corporation recognise

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Question - On November 1, 2021, Nice Corporation declared property dividends to its ordinary shareholders distributable on December 31, 2021 in pieces of equipment to shareholders of record as of the close of business on December 15, 2021. After adjusting for depreciation, the equipment's carrying value at November 1, 2021 was 600,000. The equipment's fair value was 620,000 on November 1, 2021 and 625,000 on December 31, 2021.

Required -

1. By how much should retained earnings decrease as a result of the property dividends?

2. How much gain or loss, if any, shall Nice Corporation recognise as a result of the distribution of the equipment on December 31, 2021?

Reference no: EM132871727

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