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How should scrip dividend and related interest be recorded

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Question - Lawn Corporation had sufficient retained earnings in 2018 as a basis for dividends but was temporarily short of cash. The entity declared a dividend of P 1,000,000 on April 1, 2017, and issued promissory notes to the shareholders in lieu of cash. The notes, which were dated April 1, 2017, had a maturity date of March 31, 2018 and a 10% interest rate. How should the scrip dividend and related interest be recorded?

Reference no: EM133026937

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