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Rich Corporation owned 30,000 ordinary shares of Broke, Inc. purchased in 2018 for P540,000. On September 20, 2021, Rich declared a property dividend of 1

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Rich Corporation owned 30,000 ordinary shares of Broke, Inc. purchased in 2018 for P540,000. On September 20, 2021, Rich declared a property dividend of 1 share of Broke for every 5 shares of Rich share held by a shareholder. On that date, there were 50,000 ordinary shares of Rich outstanding, and the market value of Broke shares was P30 per share. The entry to record the declaration of the property dividend would include a debit to Retained Earnings of * PO. OP360,000 OP540,000 OP300,000

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