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Prepare all indicated entries for the annual appropriation

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Reference no: EM133141732

Question - As a result of an agreement with bondholders, Malice Company is required to appropriate earnings of P200,000 at the end of each calendar year for the years 2016-2020.

At the beginning of 2021, upon liquidation of the bonded indebtedness of P1,000,000, the retained earnings appropriation is canceled.

This is followed by the declaration and the issue of a 30% share dividend on 250,000 outstanding shares with P10 par value. The market value is P15 per share.

Required - Prepare all indicated entries for the annual appropriation of retained earnings, payment of bonds payable, cancellation of appropriation and issuance of share dividend.

Reference no: EM133141732

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