Reference no: EM133042034
Question - On November 1, 2019, Kathryn Company declared a property dividend of equipment payable on March 1, 2020. The carrying amount of the equipment is 3,000,000 and the fair value is 2,500,000 on November 1, 2019.
However, the fair value less costs to distribute the equipment is 2,200,000 on December 31, 2019 and 2,000,000 on March 1, 2020.
Required -
Q1) What is the dividend payable on December 31, 2019?
a. 2,500,000
b. 2,200,000
c. 3,000,000
d. 0
Q2) What is the measurement of the equipment on December 31, 2019?
a. 2,500,000
b. 2,200,000
c. 3,000,000
d. 2,000,000
Q3) What amount of loss in distribution of property dividend is recognized on March 1, 2020?
a. 300,000
b. 200,000
c. 500,000
d. 0
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