Reference no: EM132976971
Question -
a) On December 1, 2021, ABC Corporation owns 10,000 ordinary shares representing 10% of the shares outstanding of XYZ Corporation. During the same date, XYZ declared P2 per share dividends on ordinary shares to the shareholders of record on December 15 payable on December 31.
a. How much is the dividend income to be recognized in 2021?
b. Prepare all the necessary entries at the date of declaration, date of record, and date of payment.
b) Company A owns 15% of the outstanding ordinary shares of Corp. B On November 1, 2021, Corp. B declared its inventory as property dividends. Data relating to the fair values of the inventory follow:
Date Total Fair Values of Property Dividends
November 1, 2021 250,000
December 31, 2021 450,000
February 15, 2022 410,000
a. How much is the dividend income to be recognized in 2021?
b. Prepare all the necessary entries at the date of declaration, date of record and date of payment.
On October 1, 2021, ABC Corporation owns 10,000 FVOCI shares acquired at a cost of P120,000. The shares represent 10% of the shares outstanding of ZYX Corporation. On the same date, XYZ declared 20% share dividends payable to stockholders on October 31. On October 31, the stock is selling at P12 per share. However, on October 31, XYZ Corporation gave P13 per share cash in lieu of the supposed share dividends previously declared.
a. How much is the dividend income to be recognized in 2021?
b. Prepare all the necessary entries during the year.
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