Question
The equity section of Manning Company as of December 31, 2019 follows: Ordinary (11,000 shares issued @ P6 par) P66,000 Share Premium-Ordinary 100,000 Retained earnings
The equity section of Manning Company as of December 31, 2019 follows:
Ordinary (11,000 shares issued @ P6 par)
P66,000
Share Premium-Ordinary
100,000
Retained earnings
60,000
Less: Treasury shares (1,000 shares @ P12)
(12,000)
Total shareholders' equity
P214,000
The company declares a 12 percent share dividend on the outstanding shares. The market price of the share is P90. The debit journal entry to record the stock dividend would be recorded at what amount?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Fundamental Accounting Principles
Authors: John Wild, Ken Shaw, Barbara Chiappetta
19th Edition
0077303202, 9780077303204
