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What is the journal entry to record the receipt of shares

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Question - A Company holds 30,000 ordinary shares of B Company with a carrying amount of P3,000,000. During the year, B Company declared cash dividends of P10 per share. However, due to liquidity issues, B Company distributed shares in lieu of cash dividends wherein A Company received 10,000 shares. What is the journal entry to record the receipt of shares?

Refer to the question above. Subsequently, A Company sold 15,000 shares of B Company for P100 per share. What is the journal entry to record the sale?

Reference no: EM133020074

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