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 31,2020.5. Which of the following is the correct entry to be made on March 31, 2021. * O Debit Dividends Payable P250,000 and Credit Cash P250,000 O Debit Dividends Payable P500,000 and Credit Retained Earnings P500,000 Debit Retained Earnings P250,000 and Credit Dividends Payable P250,000 No entry should be made because the books have already been updated on December 31, 2020