Chapter 15 11-13

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Problem #11 Share Dividends Assume the following data: Ordinary Shares, P100 par value, 50,000 shares issued P5,000,000 Share Premium 200,000 Retained Earnings 2,000,000 Market Value-declaration date 150 Market Value-distribution date 170 Required: For each of the following assumptions, prepare entries on the date of declaration and date of payment: 1. A 20% share dividends is declared on ordinary shares. 2. A 10% share dividends is declared on ordinary shares.PROFESSOR: Problem #12 Retained Earnings: Transactions and Statement The shareholders' equity of C. Laguna Corporation at Jan. 1, 2019, appeared below: Ordinary Shares, P50 par, 200,000 shares authorized, 80,000 shares issued and outstanding Share Premium P4,000,000 Retained Earnings 5,390,000 2,850,000 During 2019, the following transactions occurred: June 7 Declared a 10% share dividend; market value of the ordinary shares was P120 per share. 28 Issued the share dividend declared on June 7. Dec. 5 Declared a cash dividend of P10 per share. 26 Paid the cash dividend declared on Dec. 5. 31 Closed profit of P2,380,000 from the income summary account to retained earnings. 31 Closed the dive dend accounts to retained earnings. Required: 1. Prepare journal entries to record the foregoing transactions. 2. Prepare the retained earnings statement for 2019.Problem #13 Shareholders' Equity: Transactions and Statement The shareholders' equity section of L. Generales Corporation at Dec. 31, 2017, follows: Ordinary Shares, P10 par, 100,000 shares authorized, 25,000 P250,000 shares issued, 4,000 shares are in the treasury 325,000 Share Premium 12,000 Share Premium-Treasury Retained Earnings 198,000 Total P785,000 Less: Treasury Stock, 4,000 shares at cost 100,000 Total Shareholders' Equity P685,000 Note: A portion of retained earnings is restricted due to the purchase of treasury stock. The following transactions affecting shareholders' equity occurred during 2018: Jan. 8 Issued 10,000 shares of previously unissued ordinary shares for P26 cash per share. Mar. 12 Sold all of the treasury shares for P27 cash per share. June 30 Declared a 6% share dividend on all outstanding ordinary shares. The market value of the share was P30 per share. July 10 Issued the share dividend declared on June 30. Oct. 7 Acquired 1,100 ordinary shares for the treasury at P28 per share. Dec. 18 Declared a cash dividend of P2.00 per outstanding ordinary share, payable on Jan. 9 to shareholders of record on Dec. 31. 31 Closed the income summary account, with profit of P183,000 to retained earnings. 31 Closed the dividend accounts to retained earnings. Required: 1. Prepare journal entries to record the foregoing transactions. C. ZUUT 2. Prepare the statement of changes in shareholders' equity for 2018