Reference no: EM132771128
Questions -
Q1) As a result of an agreement with bondholders, Beryllium Company is required to appropriate retained earnings of P200,000 at the end of each calendar years 2013 to 2020.
At the beginning of 2021, upon liquidation of the bonded indebtedness of P1,000,000, the retained earning appropriated is canceled. This is followed by the declaration and the issue of a 30% stock dividend on 250,000 outstanding shares with P10 par value. The market value is P15 per share.
Required -
1. Prepare journal entry for the annual appropriation of retained earnings.
2. Prepare journal entry for the payment of the bond payable.
3. Prepare journal entry for the cancelation of the appropriation.
4. Prepare journal entry for the issuance of the stock dividend.
Q2) Suits for damages totaling P500,000 are pending against Magnesium Company on December 31, 2020. Counsel for the entity advised that losses on such suits are not probable. However, the management of the entity authorized that provision be made in the accounts for any possible loss up to P500,000. The suit was settled in 2021 and payment of P200,000 was made.
Required - Prepare journal entries to record:
a. The provision for losses authorized by management in 2020.
b. Payment made in 2021.
c. Cancelation of the provision for possible loss in 2021.
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