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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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