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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?
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