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Prepare the entry to record the declaration of the property

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Question - Coy Inc., owned 10,000 ordinary shares of Dot Corporation purchased in 2016 for P90,000, these were classified by the company as trading securities. On September 20, 2020 Coy declared a property dividend of one share of Dot for every five ordinary shares of Coy held by a shareholder. On that date there were 50,000 ordinary shares of Coy held by a shareholder. On that date there were 50,000 ordinary shares of Coy outstanding, and the market price of Dot shares was P15 per share. Prepare the entry to record the declaration of the property dividends would include a debit to retained earnings?

Reference no: EM133130309

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