The Board of Directors of GHI Corporation declared an annual dividend of P5 per share on 50,000 shares of P10 par value ordinary shares issued and outstanding at their meeting on December 10, 2020....

Extracted text: The Board of Directors of GHI Corporation declared an annual dividend of P5 per share on 50,000 shares of P10 par value ordinary shares issued and outstanding at their meeting on December 10, 2020. This is payable on March 31,2021 to shareholders of record on December 31,2020.The correct entry to record to be made on December 10,2020 :* Debit Dividends Payable P500,000 and Credit Cash P500,000 No entry should be made O Debit Retained Earnings P250,000 and Credit Dividends Payable P250,000 O Debit Dividends Payable P250,000 and Credit Cash P250,000