PROBLEM 8-4 Casablanca, Inc. Shareholders' Equity section was presented below: Share Capital: Ordinary Share, P100 par,2,500 share authorized, 1,500 shares issued and outstanding Share Premium Total Share Capital Accumulated Profits (Losses) Total Shareholders' Equity P 150,000.00 22,500.00 P P 172,500.00 60,000.00 232,500.00 On Aug 1, 20A, the board of directors declared a cash dividend of P12.00 per share which were paid on September 1,20A, On December 1,20A, the board declared a 10% (small dividend) and the shares was P130 on Dec. 1, 20A and P140 on December 15,20A. Required: Prepare the journal entries for these dividend transactions.

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