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Prepare all indicated entries for the annual appropriation

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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 to 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, cancelation of appropriation and issuance of share dividend.

Reference no: EM133145602

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