Question
9. On November 1, 2015, CPAR Company declared inventory as property dividend payable of February 15, 2016. The carrying amount of the inventory is P700,
9. On November 1, 2015, CPAR Company declared inventory as property dividend payable of February 15, 2016. The carrying amount of the inventory is P700, 000. Data relating to the fair values of the inventory follow: Date FV (assume these are not materially different with the net realizable values) 1-Nov-15 P600,000 12/31/2015 P800,000 2/15/2016 P780,000 Requirement: Prepare the journal entries
10. On November 1, 2015, CPAR Company declared equipment as property dividend payable of February 15, 2016. The carrying amount of the inventory is P700, 000. Data relating to the fair values of the inventory follow: Date FV (assume that the costs to distribute are immaterial) 1-Nov-15 P600,000 12/31/2015 P800,000 2/15/2016 P780,000 Requirement: Prepare the journal entries
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