Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

B. On December 31, 2018, Pau Company showed the following shareholders equity: Share capital, P100 par, 50,000 shares authorized, 25,000 shares issued and outstanding P

B. On December 31, 2018, Pau Company showed the following shareholders equity:

Share capital, P100 par, 50,000 shares authorized, 25,000

shares issued and outstanding P 2,500,000

Share premium 2,000,000

Retained earnings 3,500,000

Treasury shares, 5,000 at cost 600,000

On December 31, 2018, Pau Company declared cash dividend of P50 per share to shareholders of record on January 15, 2019 and payable on January 31, 2019.

Required:

Prepare journal entry on December 31, 2018, January 15, 2019 and January 31, 2019.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Credit Repair How To Repair Your Credit All By Yourself A Beginners Guide To Better Credit

Authors: Ernie Braveboy

1st Edition

1981032878, 978-1981032877

More Books

Students also viewed these Accounting questions