Reference no: EM132946040
Problem 1: On June 1, 2015, Golden Warriors Corporation declared a share capital dividend entitling its shareholders to one additional share for each share held. At the time the dividend was declared, the market value was P 100 per share and the par value was P 50 per share. On this date, Golden had 65,000 shares issued and 5,000 shares in the treasury. What entry should Golden make to record this June 1 transaction?
a. debit Retained earnings-P3,000,000; credit Share Capital Dividend Distributable-P3,000,00
b. debit Retained earnings-P3,250,000; credit Share Capital Dividend Distributable-P3,250,000;
c. debit Retained earnings-P6,000,000; credit Share Capital Dividend Distributable-P3,000,000; credit Paid in Capital from Share Capital Dividends-P3,000,000
d. debit Retained earnings-P6,500,000; credit Share Capital Dividend Distributable-P3,250,000; credit Paid in Capital from Share Capital Dividends-P3,250,000
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