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What the net effect of this property dividend

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Question - Sydney's Corporation has an investment in 5,000 shares of Street Company ordinary shares with a cost of P218,000. These shares are used in a property dividend to shareholders of Sydney's. The property dividend is declared on May 25 and scheduled to be distributed on July 31 to shareholders of record on June 15. The market value per Street share is P63 on May 25, P66 on June 15, and P68 on July 31. What the net effect of this property dividend on retained earnings is a reduction?

Reference no: EM132979410

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