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On December 1, 2019, ABC Company declared property dividends in the form of pieces of equipment. On that date, the carrying value of the equipment

On December 1, 2019, ABC Company declared property dividends in the form of pieces of equipment. On that date, the carrying value of the equipment to be distributed is P 750,000 and its fair value is P 800,000. On December 31, 2019, the fair value of the equipment has decreased to 700,000 and on the date of distribution which on January 15,2020, it has increased to P 800,000.

What total amount was charged to Retained Earnings pertaining to the property dividends declared?

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