3. On Oct. 31, 2017, Claire company declared property dividend to be paid on March 31, 2018. The property declared as dividend is the 20,000 shares of equity securities it owned from LIM company with carrying amount of P90 per share. These shares have a quoted price of P130 on Oct. 31, 2017, P150 on December 31, 2017 and P110 on March 31, 2018. 1. On December 31, 2017, what amount of property dividends payable will be presented in the liability section of the statement of financial position? 2. What amount of retained earnings has been charged to give effect to this dividend?
3. On Oct. 31, 2017, Claire company declared property dividend to be paid on March 31, 2018. The property declared as dividend is the 20,000 shares of equity securities it owned from LIM company with carrying amount of P90 per share. These shares have a quoted price of P130 on Oct. 31, 2017, P150 on December 31, 2017 and P110 on March 31, 2018. 1. On December 31, 2017, what amount of property dividends payable will be presented in the liability section of the statement of financial position? 2. What amount of retained earnings has been charged to give effect to this dividend?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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3. On Oct. 31, 2017, Claire company declared property dividend to be paid on March 31,
2018. The property declared as dividend is the 20,000 shares of equity securities it
owned from LIM company with carrying amount of P90 per share. These shares have
a quoted price of P130 on Oct. 31, 2017, P150 on December 31, 2017 and P110 on
March 31, 2018.
1. On December 31, 2017, what amount of property dividends payable will be
presented in the liability section of the statement of financial position?
2. What amount of
dividend?
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