The Board of Directors of the Fresh Corporation decided to declare a property dividend on December 22, 2015, distributable on January 31, 2016. The dividend was to consist of inventories with carrying amount of P1,800,000 and selling price of P2,200,000.

Required:

Prepare the entries to record the declaration and the distribution of property dividends, assuming that there is no change in the selling price of the inventories.