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What net reduction in retained earnings

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Question - Lone Corporation owned 20,000 shares of Silver Corporation's P5 par value ordinary shares. These shares were purchased in 2017 for P180,000. On September 15, 2019, Lone declared a property dividend of one share of Silver for every ten shares of Lone held by a shareholder. On that date, when the market price of Silver was P14 per share, there were 180,000 shares of Lone outstanding. What NET reduction in retained earnings would result from this property dividend?

Reference no: EM132942292

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