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Prepare the journal entry for the declaration of dividend

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Reference no: EM133116968

Question - Simon Company showed the following balances on December 31, 2022:

Wasting asset P8,000,000

Accumulated depletion 2,500,000

Share capital, P100 par 5,000,000

Capital liquidated 1,800,000

Retained earnings 1,200,000

Inventory of resource deposit (5,000 units) 400,000

Depletion rate per unit P20

On December 31, 2022, the Board of Directors declared a dividend of P30 per share. Prepare the journal entry for the declaration of dividend and subsequent payment.

Reference no: EM133116968

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