Sesame Corporation has 20,000 shares of P 10 par value common stocks. Retained Earnings have a balance of P 216,800. The Corporation owns 5,000 shares of Brandy Holdings Corp. that has been purchased at a total cost of P 62,000. The shares of Brandy Holdings Corporation are traded in the stock market and the market value of the share on the date of declaration is P15.2 per share. The Board declared a dividend of one share of Brandy Holdings Corp. for every 10 shares of Sesame Corporation stock owned. What is the entry to record the payment of dividends?

Group of answer choices

a. Debit Property Dividends Payable P 30,400; Credit Investment in Brandy Holdings P 30,400

b. Debit Property Dividends Payable P 24,800; Credit Investment in Brandy Holdings P 24,800

c. Debit Retained Earnings P 30,400; Credit Investment in Brandy Holdings P 24,800 and Gain on distribution of property dividends P 5,600

d. Debit Property Dividends Payable P 30,400; Credit Investment in Brandy Holdings P 24,800 and Gain on distribution of property dividends P 5,600