Reference no: EM132926184
Question - On September 30, 2014 Mandrix Company issued 3,000 shares of its P10 par ordinary shares in connection with a share dividend. No entry was made on the share dividend declaration date. The market value per share immediately after the issuance was P15. Mandrix's shareholders' equity accounts immediately before issuance of the share dividends as follows:
Ordinary share, P10 par, 50,000 shares authorized; 25,000 issued P250,000
Paid in Capital in Excess of Par 300,000
Retained Earnings 350,000
Treasury shares, 5,000 shares at cost (40,000)
1. What should be the retained earnings balance immediately after the share dividend declaration?
a. 305,000
b. 320,000
c. 327,500
d. 350,000
2. Assuming that instead of declaring and issuing 3,000 shares, the company declared and issued 4,000 shares as share dividends, what should be the retained earnings balance immediately after the share dividend declaration?
a. 310,000
b. 290,000
c. 300,000
d. 350,000
Sisu Inc. declares a 10% scrip dividends on July 1, 2014 payable a year after with 12% interest. The total par value of the outstanding shares of Sisu Inc. is P10,000,000.
3. What is the total appropriation to the retained earnings as a result of the script dividends declaration?
a. 1,000,000
b. 100,000
c. 112,000
d. 12,000
4. How much interest expense from the script dividends should be recognized in 2015 profit or loss?
a. 100,000
b. 120,000
c. 50,000
d. 60,000
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