PROBLEM 28 (AICPA Adapted) Miraflores owned 10,000 shares in Maquiling Company acquired several years ago at P100 per share to be held as a long-term investment. Beginning in 2015, Miraflores received a dividend of P40 per share. Maquiling Company notifies the investor that a portion of this amount represented earnings and the balance as liquidating dividends. The allocation to be made as follows: Earned Dividend Liquidating Dividend 2015 - P40 2016 P10 P30 2017 P15 P25 2018 P20 P20 2019 P25 P15 Requirements: 1. Prepare journal entries on the books of the investor from 2015 to 2019.
PROBLEM 28 (AICPA Adapted)
Miraflores owned 10,000 shares in Maquiling Company acquired several years ago at P100 per share to be held as a long-term investment. Beginning in 2015, Miraflores received a dividend of P40 per
share. Maquiling Company notifies the investor that a portion of this amount represented earnings and the balance as liquidating dividends. The allocation to be made as follows:
Earned Dividend Liquidating Dividend
2015 - P40
2016 P10 P30
2017 P15 P25
2018 P20 P20
2019 P25 P15
Requirements:
1. Prepare
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