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Prepare journal entries on the date of declaration

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Reference no: EM132203481

Question - Pink Corporation has 40,000 P100 par, ordinary shares issued and outstanding. To please the stockholder's but at the same time conserve cash, its Board of Directors decided to declare a share dividend when the market price of the stock is P120.

Required: Prepare journal entries on the date of declaration and on the date of issuance assuming the share dividend declared is:

a. 15%

b. 30%

Reference no: EM132203481

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