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What gain and net reduction in retained earnings

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Question - Peer Corporation owned 10,000 shares of Hunter Corporation. These shares were purchased in 2017 for P90,000. On November 15, 2019, Peer declared a property dividend of one share of Hunter for every ten shares of Peer held by a shareholder. On that date, when the market price of Hunter was P14 per share, there were 90,000 shares of Peer outstanding. What gain and net reduction in retained earnings respectively, would result from this property dividend?

Reference no: EM132974787

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