Provide the journal entries

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PROBLEM - The shareholders' equity on ABC CO on September 1, 20x1 is as follows:

Share capital, P10 par value 1,000,000

Subscribed share capital 200,000

Share premium 400,000

Retained Earnings 650,000

Treasury Shares (P15 cost per share) (150,000)

Total SHE 2,100,000

Case 1 - Cash dividends

ABC Co. declares cash dividends of P2 per share on September 15, 20x1 to shareholders of record as of September 21, 20x1, for distribution on September 30, 20x1. Provide the journal entries.

Case 2: Share dividends

ABC Co. declares a "1 for 20 share dividends" on September 15, 20x1 to shareholders of record as of September 21, 20x1, for distribution on September 30, 20x1. The fair values per share were P14, P15 and P14.80, on September 15, 21 and 30, respectively. Provide the journal entries.

Reference no: EM133105015

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