ABC Corp. has 500,000 shares of P10 par ordinary share capital outstanding as of October 1, 2010. On this date, the Board of directors declared a share capital dividend distributable on November 20, 2010, to shareholders of record of October 30. The Market price of each ordinary share is P25 on October 1; P23 on October 30 and P30 on November 20.

Instructions: Prepare the entries to record the declaration and distribution of stock dividends under each of the following independent assumptions:

1. A 15% share capital dividend was declared and issued

2. A 30% share capital dividend was declared and issued