PROBLEM 11: On October 31, 2014, A5C Inc. deciared a building held as owner-occupied property with an original life of 10 years as dividend distrihutable to stockholders on January 31 of the following...

PROBLEM 11: On October 31, 2014, A5C Inc. deciared a building held as owner-occupied property with<br>an original life of 10 years as dividend distrihutable to stockholders on January 31 of the following year.<br>This was acquired at P800,000 on October 21, 2013. The property had fair market value P900,000 on<br>October 31, 2014. On December 31, 2014 the value of the property declined to P700,000.<br>The property was transferred to shareholders on January 31 when the prevailing fair value was at<br>P800,000.<br>41. The entry to record the declaration of the property dividends would include a debit to retained<br>earnings of:<br>a. 700,000<br>b. 800,000<br>c. 900,000<br>d. 1,000,000<br>

Extracted text: PROBLEM 11: On October 31, 2014, A5C Inc. deciared a building held as owner-occupied property with an original life of 10 years as dividend distrihutable to stockholders on January 31 of the following year. This was acquired at P800,000 on October 21, 2013. The property had fair market value P900,000 on October 31, 2014. On December 31, 2014 the value of the property declined to P700,000. The property was transferred to shareholders on January 31 when the prevailing fair value was at P800,000. 41. The entry to record the declaration of the property dividends would include a debit to retained earnings of: a. 700,000 b. 800,000 c. 900,000 d. 1,000,000

Jun 10, 2022

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PROBLEM 11: On October 31, 2014, A5C Inc. deciared a building held as owner-occupied property with an original life of 10 years as dividend distrihutable to stockholders on January 31 of the following...

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