ABC Corp. reports the following balances as of January 1, 2010:

Ordinary share capital, P25 par, 2,000 shares outstandingP50,000

Ordinary share premium 20,000

Retained earnings 150,000

The following dividend declarations were made during the year:

Mar 15 Declared a cash dividend of P5 per share payable on April 15 to shareholders of record of March 31.

July 15 Declared as dividends stocks of Pentagon Corp. owned by ABC Corp. One share of Pentagon Corp. stock will be distributed for every share of ABC Corp. stock owned. The stocks of Pentagon have a carrying value of P20 per share and fair value of P25.

October 15 Declared 30% stock dividend distributable on December 1 to shareholders of record of November 15. Stocks were selling on this date at P50 per share.

Instructions: Record the declaration and distribution of dividends.