Reference no: EM132928223
Question - On October 31, 2014, Scottie Company declared a land held as owner-occupied property with an original life of 10 years as dividend distributable to stockholders on January 31of the following year. This was acquired at P800,000 on October 31, 2013. The property had fair market value of P900,000 on October 31, 2014. On December 31, 2014, the value of the property declined to P700,000.
The property was transferred to shareholders on January 31 when the prevailing fair value was at P800,000.
1. The entry to record the declaration of the property dividends would include a debit to retained earnings of:
a. 700,000
b. 800,000
c. 900,000
d. 1,000,000
2. How much property dividends payable should be reported in the statement of financial position as of December 31?
a. 700,000
b. 800,000
c. 900,000
d. 1,000,000
3. How much should be charged to the profit or loss as a result of the remeasurement of the property dividends payable by December 31, 2014?
a. 0
b. 100,000
c. 300,000
d. 200,000
4. What is the gain or loss to be recognized in the profit or losses as result of the distribution of the property dividends on January 31?
a. 0
b. 100,000
c. 300,000
d. 200,000
The Share Holder Equity account of Tiffany Inc. on June 30, 2020 are as follows:
Ordinary share, P10 par, 50,000 shares issued and outstanding 500,000
Share premium in excess of par 250,000
Accumulated profit 3, 135,000
Shares of the company are selling at this time of P20.
Prepare the entries in each of the following independent cases:
a. 10% stock dividend is issued
b. 30% stock dividend is issued
c. 20% stock dividend is issued
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