1. Birac Company owns 10% of the outstanding ordinary shares of Empucao Corp. On November 1, 2020, Empucao declared its inventory as property dividends to be distributed on February 15, 2021. Date relating to the fair values of the inventory follow: Date Total Fair Value of Property dividends November 1, 2020 P600,000 December 31, 2020 800,000 February 15, 2021 780,000 Required: Prepare all the journal entries from the date of declaration to date of payment