Rain Co. declared cash dividends of P60 per share. On dividend declaration date, Rain Co. has 10,000 ordinary shares issued, 2,000 subscribed shares and 1,200 shares held in treasury. Requirement: Provide the journal entries on the dates of declaration, record and distribution. Property dividends 2. On Dec. 1, 20x1, Summer Co. declared 40,000 shares held as investment in associate as property dividend. The investment has a carrying amount of P1,200,000. Information on fair values is as follows: Date Dec. 1, 20x1 Dec. 31, 20x1 Jan. 15, 20x2 *Assume costs to distribute are immaterial. Fair value* 1,100,000 1,250,000 1,000,000 Requirements: Provide all the relevant entries.