Reference no: EM133088591
Questions -
Q1. The balance in the retained earnings at December 31, 2020 and 2021 respectively are 720,000 and 582,000. The net income for 2021 was 500,000. A share dividend was declared and distributed which increased ordinary share capital by 200,000 and share premium by 110,000. A cash dividend was declared and paid. What is the amount of cash dividends declared and paid?
a. 248,000
b. 442,000
c. 328,000
d. 638,000
Q2. GINGERBREAD Company is involved in a litigation regarding a faulty product sold in a prior year. The entity has consulted with lawyer and determined that there is a 50% chance of losing. The lawyer estimated that the amount of any payment would be between 500,000 to 800,000 with 500,000 as the best estimate. What is the required journal entry as a result of this litigation?
a. Debit Litigation expense and credit Litigation liability for 500,000
b. Debit Litigation expense and credit Litigation liability for 650,000
c. No journal entry is required
d. Debit Litigation expense and credit Litigation liability for 250,000
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